SEC Commissioner Allison Herren Lee was named acting chairwoman of the regulatory agency Thursday.
President Joe Biden designated Ms. Lee, a Democrat who has served on the commission since July 2019, to the post. Mr. Biden on Jan. 18 nominated Gary Gensler, former chairman of the Commodity Futures Trading Commission, to lead the SEC, but he needs Senate confirmation before taking office.
"It's an honor to continue my service on the commission in this new role," Ms. Lee said in a statement. "I have tremendous respect for my colleagues on the commission and the exceptional staff across the agency, and look forward to working closely with them. Together we will continue the agency's work of protecting investors and ensuring market integrity."
Jay Clayton, SEC chairman under President Donald Trump, stepped down from his post at the end of 2020 and Commissioner Elad L. Roisman, a Republican, was named acting chairman.
If Mr. Gensler is confirmed — a hearing in the Senate has yet to be announced — Democrats would have a 3-2 majority following four years in the minority.