As Commissioner Crenshaw reminded us during yesterday’s Investor Advisory Committee meeting, as we settle back into a work routine after the holidays, she won’t be doing the same, at least not as an SEC Commissioner. The 18-month extension of her term expires on January 3.

Commissioner Crenshaw has been the only Democrat on the Commission since former Chair Gensler and Commissioner Lizárraga resigned in January 2025. The SEC will be working with a 3-0 composition, and as DealBook reports, we don’t know if or when someone will be named to replace her or to fill the fifth, currently vacant seat.

A bipartisan composition may not really impede the SEC’s ability to advance its rulemaking agenda, but DealBook says Commissioners can “force topics into open meetings, help shape internal discussions and issue public dissents,” and those public dissents apparently do more than make our blogs more interesting. The NYT noted in March that dissenting policy statements “are sometimes cited by private litigants in the courts” and “can make their way into court decisions.”

Speaking of the SEC’s agenda, this is a great time to remind you about next week’s webcast “The (Former) Corp Fin Staff Forum.” Tune in at 2 pm ET on Thursday, December 11, to hear from former Senior Corp Fin Staffers. Sidley’s Sonia Barros, WilmerHale’s Meredith Cross, Gibson Dunn’s Tom Kim, Edward Jones’ Keir Gumbs, and our colleague Goodwin’s Dave Lynn will update you on the SEC’s rulemaking agenda, Staff interpretations and disclosure review from the Corp Fin perspective.

– Meredith Ervine