Elad Roisman confirmed by Senate for SEC seat

The Senate confirmed Elad Roisman for a seat on the Securities and Exchange Commission, 85-14, on Wednesday. Mr. Roisman replaces former Republican SEC member Michael Piwowar, who departed the agency in July. The SEC has a full complement of five members for now. Democratic member Kara Stein, whose term expired last year, must leave the commission by December. Senate Democrats support Allison Lee, a former SEC enforcement attorney, to fill Ms. Stein's seat, according to published reports. The White House has not announced a nomination. A White House spokesperson was not immediately available for comment. Recently, SEC nominees have been confirmed in tandem — one Republican, one Democrat. It's not clear when the confirmation process for a Democratic nominee will begin. A spokesperson for Senate Minority Leader Charles Schumer, D-N.Y., was not immediately available for comment. Mr. Roisman, who received unanimous approval from the Senate Banking Committee, joins the SEC as it considers a major proposal to reform investment advice standards. The package of reforms was introduced in April, and the public comment period concluded on Aug. 7. In his July 24 confirmation hearing before the Senate panel, Mr. Roisman was cautious about the advice reform proposal. He stressed that disclosure and helping clients understand their relationship with their financial adviser are important but did not indicate whether he supported the package. The proposal was put out for public comment on a 4-1 vote in April. Only SEC Chairman Jay Clayton appeared to be fully behind the package. Mr. Roisman had been serving as chief counsel for the Senate Banking Committee. Previously, he was a counsel for former SEC Republican member Daniel Gallagher. "He has an impressive command of securities law, a keen intellect and work ethic, and has always exhibited a steadfast commitment to doing what is right," Senate Banking Committee Chairman Mike Crapo, R-Idaho, said in a statement on the Senate floor Tuesday.