SEC Names New General Counsel
Yesterday the SEC announced that Geoffrey Aronow would be the next general counsel of the SEC. Aronow, an attorney at the Washington D.C. offices of Bingham McCutchen, will be returning to the public sector once again, after working for the Commodity Futures Trading Commission in the late 1990’s.
The SEC Chairwoman Mary Schapiro resigned last month, and a number of other officers including Mark Cahn, then serving as general counsel, left with her. Elisse Walter, already a member of the Commission, was named as the interim Chairwoman in the wake of Ms. Schapiro’s departure. But the Commission, which usually has five members, is left with only four, and is currently deadlocked on a number of key issues.
Ms. Schapiro left at a time when much of the Dodd-Frank Act and JOBS Act remains to be implemented. Title II of the JOBS Act, in particular, seems to have been left in the lurch. Hopefully as the officers of the SEC are replaced, the Commission can return to its rulemaking obligations with a renewed focus.