The Senate confirmed Elad Roisman in an 85-14 vote on Wednesday to serve as a member of the Securities and Exchange Commission, replacing Michael Piwowar who stepped down from the role earlier this summer.
The SEC’s five commissioners are appointed by the President with consent of the Senate. Their terms last five years and no more than three commissioners may belong to the same political party.
Roisman, who serves as the Senate Banking Committee’s chief counsel, will join Chairman Jay Clayton and Commissioners Kara Stein, Robert Jackson Jr., and Hester Peirce, bringing the Commission to a full five members until the end of the year when Stein is expected to step down. While her term ended last year, members may continue serving approximately 18 months after their terms end if they are not replaced before then.
Prior to his role on the Senate Banking Committee, Roisman served as counsel to former SEC Commissioner Daniel Gallagher and chief counsel of NYSE Euronext.
“We look forward to welcoming [Elad] back to the Commission to join us and our over 4,500 dedicated colleagues,” said Clayton and his fellow commissioners in a joint statement. “We are confident [he] will make a substantial contribution to our mission on behalf of American investors.”
Roisman joins the SEC as it hammers out the details of its proposed broker advice rule, regulation best interest, which requires a broker-dealer to act in the best interest of a retail customer when making a recommendation of any securities transaction. The SEC ended its three-month public comment period on the proposed regulation last month.
Roisman’s term expires in June 2023.