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Robert Jackson staying on at SEC as Democrats weigh potential successors

Robert Jackson Jr., one of the SEC's two Democratic commissioners, is extending his stay at the agency for a little while longer.

Though his term ended June 5, Jackson will continue in his post and not return to teaching at New York University's law school during the upcoming fall 2019 semester as previously expected. SEC commissioners can remain in their positions for up to 18 months after their term ends.

"Working alongside the extraordinary public servants at the SEC has been the privilege of a lifetime," Jackson said in an Aug. 26 statement. "Although my term here expired in June, I intend to continue to serve on the commission rather than return to teaching for the fall semester. I look forward to continuing to support the commission's critical efforts to protect the ordinary American investors who rely on our markets to build their families' futures."

Jackson declined to comment on when he will leave the SEC.

The decision comes as Democrats on Capitol Hill continue to consider a number of candidates to succeed Jackson on the SEC's top panel.

The White House issues official nominations for SEC commissioners. However, the five-person commission is structured so that no more than three members of the panel can be tied to the same political party, a provision enacted to ensure the agency retains a partisan balance. Congressional Democrats, as a result, have been able to guide the process for vacancies that correspond to their party since President Donald Trump took office in early 2017.

Among the names thus far floated are Urska Velikonja, a law professor at Georgetown University, and Caroline Crenshaw, an attorney on Jackson's staff at the SEC, according to Reuters.

Jackson fills one of two Democratic posts on the SEC's commission alongside Allison Lee. Elad Roisman and Hester Peirce, meanwhile, serve as the agency's Republican representatives. SEC Chairman Jay Clayton, a Trump appointee, is a political independent.