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Washington

White House nominates Senate aide as SEC commissioner

Elad Roisman, chief counsel to the Senate Banking Committee, has been nominated to the Securities and Exchange Commission.

Mr. Roisman is the Republican nominee to the five-member commission to replace Michael S. Piwowar, whose term is set to end in June. Mr. Piwowar said in a letter to President Donald Trump last month that he intends to resign on July 7 unless a successor is sworn in earlier.

In addition to his current role as chief counsel to the Senate Banking Committee, Mr. Roisman previously served as its senior counsel and securities counsel. From 2012 to mid-2014, he worked as counsel to Republican SEC Commissioner Daniel M. Gallagher, and before starting his career in government, worked in the legal department of NYSE Euronext and practiced corporate and securities law at Milbank, Tweed, Hadley & McCloy.

Sen. Mike Crapo, R-Idaho, chairman of the Senate Banking Committee, said in a statement that Mr. Roisman is well qualified for the position. "Having worked on securities issues for many years — in both the public and private sectors — he has demonstrated his in-depth knowledge of our capital markets and other complex issues," Mr. Crapo said. "His wealth of experience and expertise will be an invaluable asset to the SEC, and I am confident that as a commissioner, he will work to fulfill the agency's mission."

The SEC has had a full five members since December when Hester M. Peirce, a Republican, and Robert J. Jackson Jr., a Democrat, were confirmed by the Senate. That vote gave the SEC its first full five-member commission since 2015. Traditionally, Republican and Democrat SEC nominees are moved together. No more than three commissioners may belong to the same political party.

Mr. Roisman's confirmation hearing, which proceeds a Senate floor vote, has not been scheduled. His five-year term expires June 5, 2023.

The White House has yet to name a replacement for Democratic Commissioner Kara Stein. Her term officially ended June 5, 2017. Commissioners can remain in office for up to 18 months if not replaced before then.