Commissioner Robert Jackson Jr. announced that he intends to resign from his Democratic seat at the SEC on February 14, 2020. Upon his departure, the agency will be composed of two Republican commissioners, one Democratic commissioner, and Independent Chairman Jay Clayton. The vacancy will persist until Jackson’s replacement is nominated by President Trump and confirmed by the Senate.
Jackson gained a reputation as a Wall Street adversary through his willingness to seek heftier corporate fines. Additionally, Jackson attacked corporate stock buybacks and dual-class share structures and further sought to mandate disclosures related to companies’ political spending.
The White House has yet to identify Jackson’s replacement; however, many expect Democrat Caroline Crenshaw to be nominated. Currently, Crenshaw is an advisor to Jackson and has worked at the SEC since 2013. In the meantime, Jackson’s departure leaves the SEC unbalanced and will likely provide Republicans with a stronger majority.
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About Christopher M. Lash
Christopher M. Lash's practice is focused on shareholder derivative and securities litigation. Chris is an Associate in the firm's Pennsylvania office.