The Securities and Exchange Commission has appointed Lori Price to succeed Ahmed Abonamah as acting director for the Office of Credit Ratings as he leaves the Commission to serve as chief financial officer for the City of Cleveland.
The OCR is responsible for oversight of nationally recognized statistical rating organizations, where it conducts exams, develops and administers rules and maintains standards so that NRSROs aren’t swayed by conflicts of interest.
“Lori’s combined 30 years of experience with the agency will serve her well in this important role,” said SEC chair Gary Gensler. “I look forward to working with her on the oversight of credit rating agencies. I thank Ahmed for his leadership of OCR and wish him well.”
Price joined the Commission’s OCR in August 2020 and prior to that, served in many roles in the SEC’s Office of the General Counsel, including associate general counsel. She took a break from the Commission for three years, where she worked in private practice after working for various SEC offices and divisions from 1987 to 2000.
While gaining an experienced regulator to take Abonamah’s place, the Commission will be losing an influential muni expert in Washington.
“His work at OMS, the questions and intellect he brought to the table, and his willingness to engage with market participants was always appreciated,” said Susan Gaffney, executive director of the National Association of Municipal Advisors said. “We wish him well as he ventures into local government service.”
Before switching over to the issuer side and returning to the City of Cleveland, Abonamah served a short term at the Office of Credit Ratings, after being named acting director in October 2020 and director in November 2021.
Abonamah began his stint with the SEC in its Office of Municipal Securities, where he came on as attorney-adviser in 2016, promoted to senior counsel to the director in 2017 and was promoted again to deputy director of the OMS in 2019. He then switched over to the Office of Credit Ratings just a year later.
Prior to his work with the Commission, Abonamah was a public finance associate with Squire Patton Boggs from 2012 to 2015, a staff attorney for Baker & Hostetler in 2011 and transformation project manager for the Cleveland Metropolitan School District from 2010 to 2011.
Some of Abonamah’s other work experiences include executive fellow with the Cleveland Leadership Center, litigation associate at Goulston & Storrs and an extern with the U.S. Bankruptcy Court.
Cleveland Mayor Justin Bibb announced Abonamah’s appointment along with five other staff appointments as the city hopes to strengthen its financial position.
“The addition of key roles in our cabinet will enable us to maximize our financial position and work towards becoming a more modern and responsive city hall,” Bibb said. “As we continue to build our team, we’re focused on combining wisdom and fresh perspectives to deliver on our commitments to the residents of Cleveland.”
