Senate Banking Counsel Roisman Confirmed as SEC Commissioner

Elad Roisman, the Senate Banking Committee's chief counsel, was confirmed by the Senate Wednesday to serve as a commissioner at the Securities and Exchange Commission, replacing former Commissioner Michael Piwowar.

Roisman was confirmed by a 85–14 vote.

Sen. Richard Shelby, R-Ala., applauded the Senate confirmation of his former counsel.

Roisman's "confirmation is excellent news for the Securities and Exchange Commission and for our nation's financial system," said Shelby, in a statement. "The time he spent as my trusted advisor gives me confidence that he will assist the commission in effectively overseeing our capital markets."

During his July 24 nomination hearing before the Senate Banking Committee, Roisman was questioned about the agency's advice standards package.

(See SEC Nominee Roisman Would Keep Open Mind on Best-Interest Rule)

He told lawmakers that it was "important for the agency to act" in proposing its Regulation Best Interest for brokers, and he encouraged the public to comment on the entire advice package.

"Do people think that the current differentiation of standards [between brokers and advisors] is appropriate? This is one where the SEC needs to look at the comment file and meet with people and see what they got right and what could be improved. It's a good first step, but I look forward, if confirmed, to keeping an open mind and seeing if there are any changes necessary," he said.

The White House is considering a former enforcement lawyer to replace outgoing SEC Commissioner Kara Stein, a Democrat, The Wall Street Journal reported.

The White House is vetting Allison H. Lee for the role after she was recommended by Senate Minority Leader Chuck Schumer, D-N.Y.

Before joining the Banking Committee, Roisman was counsel to former SEC Commissioner Daniel Gallagher and as chief counsel of NYSE Euronext.

He began his career as an associate at Milbank, Tweed, Hadley & McCloy LLP.

Roisman graduated from Cornell and went on to earn his Juris Doctor from Boston University.