Robert J. Jackson Jr.

Robert J. Jackson Jr.
Born	(1977-02-14) February 14, 1977 Bronx, New York, U.S.
Occupation(s)	Attorney, law professor, public servant
Years active	2000–present
Known for	Commissioner of the U.S. Securities and Exchange Commission; scholarship on executive pay and corporate governance

Robert J. Jackson Jr. (born February 14, 1977) is an American attorney and scholar, presently serving as a law professor at New York University School of Law, currently on leave for public service. His academic work centers on empirical analyses of executive pay and corporate governance frameworks. On September 1, 2017, President Donald Trump nominated Jackson to fill the Democratic seat on the U.S. Securities and Exchange Commission (SEC). The Senate Banking Committee approved his nomination unanimously, and the full Senate confirmed him on December 21, 2017.

Education

Jackson earned dual bachelor's degrees in philosophy and finance from the Wharton School of the University of Pennsylvania, graduating summa cum laude. During his undergraduate studies, he participated as a submatriculant in Wharton’s MBA program with a focus on finance. Prior to completing his MBA in 2000, he interned at the Supreme Court under James C. Duff, who served as Administrative Assistant to the Chief Justice.

He subsequently obtained a Master of Public Policy from Harvard's John F. Kennedy School of Government along with a Juris Doctor from Harvard Law School. While at the Kennedy School, Jackson co-authored an award-winning policy analysis concerning the Massachusetts Parole Board's Regional Reentry Center Initiative. Under the mentorship of Lucian Bebchuk at Harvard Law, Jackson was named Terence M. Considine Research Fellow in Law and Economics by Harvard Law and the Olin Foundation following his 2005 graduation.

Professional background

Prior to joining Columbia Law School’s faculty in 2009, Jackson gained experience in investment banking at Bear Stearns and specialized in executive compensation and corporate governance while working at Wachtell, Lipton, Rosen, & Katz. He also served as deputy director to Kenneth Feinberg at the United States Treasury, where he played a role in formulating executive pay regulations for companies such as AIG, Citigroup, and General Motors during the aftermath of the 2008 financial crisis. Additionally, he contributed to executive compensation and corporate governance policies under the Obama administration that were integrated into the Dodd–Frank Wall Street Reform and Consumer Protection Act. Jackson provided testimony before the Senate Banking Committee regarding bonus compensation guidelines that were subsequently modified.

In recognition of his teaching excellence, he received Columbia Law School's Willis L.M. Reese Prize in 2012. His international teaching engagements include programs in China, Italy, and the Netherlands. Beyond classroom instruction, Jackson has overseen research projects for Columbia law students and mentored postdoctoral fellows pursuing academic careers at institutions like Stanford Law, Columbia Law, University of Houston Law Center, and William & Mary Law School.

Research and policy

In November 2014, Jackson co-authored How the SEC Helps Speedy Traders, which exposed how certain investors gained early access to public company filings through the SEC’s file transfer protocol (FTP) and public dissemination service (PDS). This early access created a 10- to 11-second advantage that allowed high-frequency traders to earn substantial profits. Following reporting by The Wall Street Journal, the Senate Banking Committee called on the SEC to rectify this unfairness, although Jackson documented that this timing gap remained weeks afterward.

His September 2015 study titled The 8-K Trading Gap revealed that insiders benefited financially by trading company stock within a four-day period prior to mandatory public disclosure via 8-K filings. This research was cited in 2017 by Senator Chris Van Hollen and Congresswoman Carolyn B. Maloney during congressional hearings concerning insider trading allegations involving executives at Equifax following a cybersecurity breach.

Jackson’s work on The Effects of Usury Laws on Higher-Risk Borrowers demonstrated that enforceable usury statutes tend to restrict credit access for borrowers deemed higher-risk. This analysis influenced discussions surrounding peer-to-peer lending platforms such as Lending Club, with Jackson emphasizing their advantages in a Wall Street Journal opinion article. He argued that marketplace lending provides more affordable credit options compared to traditional sources like credit cards—which often carry interest rates up to 30%—thereby challenging banks’ dominance over higher-risk lending markets.

At Columbia Law School, Jackson established CROWN to utilize data science methodologies for extracting empirical insights from legal documents.

In collaboration with Harvard professor Lucian Bebchuk, Jackson asserted that the poison pill tactic is unconstitutional due to preemption under the Williams Act. They also advocated for mandatory corporate political spending disclosures within annual filings through their work Corporate Political Speech: Who Decides? This topic gained media attention and faced opposition from President Barack Obama amid Republican efforts in the Senate to curtail SEC disclosure mandates.

Securities and Exchange Commission

On September 1, 2017, the White House announced Jackson's nomination to serve on the U.S. Securities and Exchange Commission (SEC). The Senate Banking Committee gave unanimous approval on November 1, 2017, and he officially took office as Commissioner on January 11, 2018. Reports on December 21, 2019, indicated that Caroline Crenshaw, a Democratic attorney working in Jackson's office, was anticipated to be nominated as his successor upon his departure in June 2020. Senate Minority Leader Chuck Schumer publicly supported Crenshaw's candidacy.

Insider Trading

Jackson established a commission alongside former US Attorney Preet Bharara aimed at reforming insider trading legislation. He pointed out that the United States lacks a dedicated insider trading statute, relying instead on an antiquated fraud law from the Depression era, which creates legal uncertainty and inconsistent enforcement.

Buybacks

Jackson voiced criticism towards corporate leaders who benefit financially from stock buybacks and encouraged the SEC to revise its regulatory framework. In response to Senator Chris Van Hollen’s inquiry for data-driven insights, Jackson supplied evidence demonstrating that companies tend to underperform over the long term when executives sell shares amid buyback programs.

Indexes

Together with UC Berkeley Professor Steven Davidoff Solomon, Jackson advocated for increased SEC oversight of index fund structures and their governance. Their collaborative op-ed highlighted potential conflicts of interest within index funds that could negatively impact investors, referencing pressure exerted by the Chinese government on MSCI to include Chinese issuers in its emerging markets index.

Dual Class

Jackson denounced the use of indefinite dual-class share structures that grant founders and their descendants perpetual control, referring to this as “corporate royalty.” He urged national securities exchanges to evaluate listing standards that address these arrangements and cited research showing that companies with such stock structures trade at a notable discount relative to those with sunset provisions.

IPO Tax

Jackson tackled the issue known as the "middle-market IPO tax," a recurring seven-percent fee levied by investment banks on companies going public since the 1990s. He contended that this charge acts as a deterrent for mid-sized firms considering public offerings, thereby enhancing the competitiveness of private markets.

Mandatory Arbitration

Opposed to mandatory arbitration clauses, Jackson emphasized that shareholder litigation remains a vital mechanism for ensuring corporate managers are held accountable. He argued that mandatory arbitration limits public access to judicial rulings that are essential for enforcing accountability standards.

Cyber Disclosure

Jackson has championed compulsory reporting of cybersecurity breaches, highlighting concerns about insider trading risks when executives exploit such incidents. He underscored the growing responsibility of corporate legal teams and C-suite officers in managing cybersecurity disclosures. His research revealed that approximately 90% of publicly known cyber incidents at listed companies were not reported in official filings during 2018, an improvement from 97% in 2017.

Exchanges

Jackson criticized stock exchanges for implementing tiered pricing models and differential information access that advantage wealthier investors, describing these practices as rent-seeking and effectively taxing ordinary investors. He noted that SEC regulations governing exchanges were originally designed for nonprofit organizations but have become outdated since most exchanges now operate as for-profit entities. He called for enhanced transparency regarding exchange revenues and consistent disclosure requirements across the industry.

Personal life

Jackson was raised in the Bronx and supports the New York Yankees. He completed his education at Blind Brook High School, where his mother was employed as an educator. During his SEC nomination hearing, he revealed that his parents—his father working as an accounting clerk and his mother employed part-time—invested in the American stock market, which helped fund his college studies.

External links

• Profile at New York University School of Law