The US Securities and Exchange Commission swore in a new Commissioner on Friday, superseding Elisse B. Walter, the SEC’s former Chairperson as part of SEC Chair Mary Jo White’s initiative to overhaul the staff at the regulatory authority which was set in place in May this year.
Kara M. Stein, whose career has spanned over several senior level government-sector positions, one of which having being the Legal Counsel and Senior Policy Advisor to Senator Jack Reed, was elected to office this Friday.
Ms. Stein’s predecessor Ms. Walter, who held a Democratic seat on the SEC, was sworn in as Commissioner in 2007, completing her term in 2012. Each Commissioner has an option to serve a further 18 months subsequent to the expiry of their term, at which point Ms. Walker was elected for a four month period as Chairperson whilst the SEC sought a candidate for full-term election.
Senior Level Legal Career
Ms. Walters’ successor was educated at Yale College where she received her B.A. and then went on to obtain her J.D. from Yale Law School.
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Subsequently, Ms. Stein held the position of Staff Director of the Senate Banking, Housing, and Urban Affairs Committee’s Subcommittee on Securities, Insurance, and Investment.
Prior to her term as Legal Counsel and Senior Policy Advisor to Senator Reed from 2007 to 2009, she served as both the Majority and Minority Staff Director on the Banking Committee’s Subcommittee on Housing and Transportation from 2001 to 2006.
Ms. Stein’s first undertaking as Legal Counsel to Senator Reed preceded this, spanning from 1999 to 2000, following two years as a Legislative Assistant to Senator Chris Dodd.
Before working on Capitol Hill, Ms. Stein was an associate at the law firm of Wilmer, Cutler & Pickering and an assistant professor with the University of Dayton School of Law. She was an Advocacy Fellow with the Georgetown University Law Center from 1993 to 1995, and was a Skadden Fellow from 1991 to 1993, and a visiting lecturer with the University of Nigeria Faculty of Law from 1989 to 1990.
Mary Jo White, the incumbent Chairperson of the SEC made a statement on behalf of the commission on Friday: “I am very pleased to welcome Kara Stein to the SEC and greatly appreciate her continued commitment to public service” said Chair White.
“Kara joins an agency comprised of some of the most dedicated professionals in public service today. She will be a critical partner in our ongoing effort to protect investors and oversee the most dynamic and complex markets in the world, and I am looking forward to working with her.”