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SEC Commissioner Will Stay on Until Agency Finds Replacement

Commissioner Robert Jackson, whose term expired in June, said in a recent statement that he will stay on at the agency rather than return to teaching.

Benjamin Glick
SEC Commissioner Will Stay on Until Agency Finds Replacement

With contributions from Maria Wolvin and Ben Marsico.

One of the Securities and Exchange Commission’s top officials announced he would not be returning to the classroom as previously thought.

In an Aug. 26 statement, Robert Jackson, who is on leave from New York University School of Law, said he will continue to serve as commissioner for the SEC rather than return to teaching for the fall semester.

“Working alongside the extraordinary public servants at the SEC has been the privilege of a lifetime,” Jackson said in a statement.

Jackson’s term expired on June 5, but SEC Commissioners can remain at their posts for up to 18 months after their term has ended if a replacement has not been found. President Donald Trump appointed Jackson, who took office in January 2018.

To ensure the SEC remains non-partisan, current rules allow no more than three commissioners may belong to the same political party. Two Republicans—Hester Peirce and Elad Roisman—are currently serving. Jackson and SEC Chairman Jay Clayton are Independents. Commissioner Allison Lee, who was sworn into office on July 8, currently serves as the only Democrat.

Despite being an Independent, Jackson frequently cooperated with Commissioner Lee and is considered Democratic-leaning, leading Democrats to search for his replacement. Senate Minority Leader Chuck Schumer, D-N.Y., is currently handling recommendations.

According to a report from Reuters, Georgetown University Law Center professor Urska Velikonja and Caroline Crenshaw, an attorney working as counsel under Jackson, are being considered.

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Benjamin Glick is ACG Global’s marketing and communications associate.