New Jersey Attorney General Gurbir Grewal will resign to become the director of the Securities and Exchange Commission’s (SEC) enforcement division.
SEC Chairman Gary Gensler selected Grewal to be the agency’s enforcement chief effective July 26, following a disappointing false start with his previous choice for the job.
Gensler originally picked corporate attorney Alex Oh as enforcement division director but she resigned days after taking the job when reports surfaced that a federal judge rebuked her for conduct concerning her representation of Exxon Mobil.
Grewal, 48, became the first Sikh attorney general in any U.S. state when he was confirmed as New Jersey’s top lawyer in 2018.
Gensler said he was "honored and delighted" to bring Grewal on as the Wall Street watchdog after "a distinguished career as New Jersey’s chief law enforcement officer."
"He has the ideal combination of experience, values, and leadership ability to helm the Enforcement Division at this critical time. I look forward to working closely with him to protect investors and root out wrongdoing in our markets," he said.
Grewal previously served as a prosecutor in Bergen County and in several Justice Department positions based in New York and New Jersey focused on white-collar, cyber, financial crimes.
He said he "was excited to get to work with the talented team of public servants to uncover and prosecute misconduct and protect investors."
As enforcement division director, Grewal will lead the SEC’s efforts to crack down on misconduct in the securities markets and violations of the agency’s rules for publicly traded companies.