The U.S Securities and Exchange Commission promoted Jessica Kane to director of the office overseeing regulation of the $3.6 trillion municipal-bond market, filling a void left since November.
Kane, who was deputy director since April 2014, takes over after John Cross left to join the Treasury Department, the agency said in a statement Wednesday. The SEC extended its deadline in February because of a lack of applicants for the position, which was established under the 2010 Dodd-Frank Act.
Kane “will work tirelessly on behalf of investors,” SEC Chair Mary Jo White said in a statement. “She is the right person to lead the Office of Municipal Securities as the agency continues to play a crucial role in overseeing the municipal securities market.”
The office has been advising the SEC as its enforcement division intensifies efforts to crack down on states and localities for not giving accurate information about their financial condition before bond sales. During the tenure of Cross, the inaugural director of the Office of Municipal Securities, the agency fined an issuer for the first time for misleading investors.
Kane, a Georgetown University graduate who also has a law degree, worked in the SEC’s corporate-finance division from 2007 until 2012, and then in the agency’s Office of Legislative and Intergovernmental Affairs from 2012 to 2013.
Rebecca Olsen, the office’s chief counsel since April 2014, will assume the role of deputy director.