SEC Commissioner Nominee Must Protect Consumers and Watchdog Corporate Wrongdoing

April 3, 2019

SEC Commissioner Nominee Must Protect Consumers and Watchdog Corporate Wrongdoing

Statements of Public Citizen Experts

Note: Today the White House announced the nomination of Allison Lee to the U.S. Securities and Exchange Commission (SEC). If confirmed, Lee would fill the Democratic seat on the commission, which has been vacant since former Commissioner Kara Stein left the agency in January.

“It’s time for America to have a fully functioning commission at the SEC.

With a full slate of commissioners, the agency will be able to move forward on the important work before it, such as finishing rules from the 2010 Dodd-Frank Wall Street reform legislation and addressing increasing investor calls for corporate political spending disclosure and other environmental, social, and governance (ESG) risk disclosure.

At a time when smaller shareholders are facing increasing attacks on their right to file proposals and engage with management, it is critical to have a champion of Main Street investors on the commission. Lee’s strong background in enforcement also is a crucial addition to the commission as major corporations seek to dodge the law at the expense of consumers.

The U.S. Senate should confirm Lee immediately.”

– Lisa Gilbert, vice president of legislative affairs

“Lee brings rich and relevant experience that will help the commission shape rules necessary to help protect consumers and promote integrity of corporate behavior.”

-Bartlett Naylor, financial policy advocate, Congress Watch division