The Securities and Exchange Commission recently announced that Megan Barbero will become the agency’s general counsel when current GC Dan Berkovitz departs at the end of January.
Barbero, who now serves as a principal deputy general counsel, joined the SEC in July 2021. She has advised the agency on legal issues relating to rulemaking initiatives and litigation strategy.
For example, she was credited with assisting with the agency’s adoption of rules pertaining to clawbacks of erroneously awarded incentive-based compensation.
Just prior to joining the SEC, Barbero served as deputy general counsel for the U.S. House of Representatives, where she managed strategic litigation for the House. She worked for the House during a period in which it engaged in legal disputes with the Trump administration.
Barbero also worked as an attorney for the U.S. Department of Justice’s civil Appellate Staff and worked in the Supreme Court and appellate litigation practice at WilmerHale.
SEC Chair Gary Gensler said in a press release that the agency will benefit from Barbero’s “incredible judgment and highest-level legal experience.”
"Megan has been one of the Commission’s most trusted counselors, and she will bring a skilled and steady hand to the role of general counsel," Gensler said. “She is a tested leader, and just the person to succeed Dan during a critical time for our agency."
"I am honored to be asked to serve the Commission in this new role and look forward to continuing to work with my outstanding SEC colleagues,” Barbero said in a prepared statement.
She also said she was grateful for the leadership of Berkovitz and will miss working with him.
Berkovitz was appointed the SEC’s general counsel on Nov. 1, 2021. He previously served as a commissioner of the Commodity Futures Trading Commission (CFTC) from Sept. 2018 until Oct. 2021. He also served as the CFTC's General Counsel from 2009 to 2013.
Earlier in his career, Berkovitz was a senior staff lawyer for the U.S. Senate Permanent Subcommittee on Investigations and deputy assistant secretary in the Department of Energy's Office of Environmental Management.
"After thirty-four years of public service, it is time for me to pursue new and different challenges and opportunities," Berkovitz said in a prepared statement. "It has been a tremendous honor and privilege to work with so many exceptionally talented and dedicated people throughout this agency to contribute to the success of SEC’s mission to enhance investor protection, strengthen our capital markets, and facilitate capital formation.”
Gensler praised Berkovitz for his "exceptional public service” and dedication to the SEC.
"Dan has led the Office of General Counsel during a time in which we’ve proposed critical reforms throughout the capital markets,” Gensler said. “His counsel, judgment, and leadership have been invaluable to our work at the SEC.”
