Margaret A. Ryan

Margaret Ann "Meg" Ryan^[2] (born May 23, 1964) is a senior judge of the United States Court of Appeals for the Armed Forces. She joined the court in 2006 after being nominated by President George W. Bush. Her term expired on July 31, 2020.

Born in Chicago, Ryan attended Homewood-Flossmoor High School, and graduated from Knox College with a Bachelor of Arts degree in political science in 1985.^[2] Ryan attended law school under the Marine Corps Law Education Program at the University of Notre Dame Law School, where she also was a member of the Notre Dame Law Review. She received her Juris Doctor degree, summa cum laude, in 1995 and was awarded the Colonel William J. Hoynes Award as valedictorian of her class.^[2]

Following graduation from Knox College, Ryan served on active duty for the United States Marine Corps from 1988 to 1992, and again following Law School graduation as a judge advocate from 1995 to 1999. Ryan served in units within the II & III Marine Expeditionary Forces as a Staff Officer, Company Commander, Platoon Commander, and Operations Officer. Judge Ryan's tours included deployments to the Philippines, during a coup attempt, and to Saudi Arabia during Desert Shield and Desert Storm.^[3] As a Judge Advocate General (JAG) officer, Ryan served as a Trial Counsel and Chief Trial Counsel in Okinawa, Japan and Quantico, Virginia. Ryan was then selected by General Charles C. Krulak, Commandant of the Marine Corps, to serve as his Aide de Camp.

Ryan was law clerk to Judge J. Michael Luttig of the United States Court of Appeals for the Fourth Circuit, and then to Justice Clarence Thomas of the United States Supreme Court for the 2001–2002 term.

Prior to joining the court, Ryan was in private practice. She was at Wiley Rein LLP from 2004 until her appointment to the court. Before that she was with Bartlit Beck Herman Palenchar & Scott from 2002 to 2004 and Cooper, Carvin & Rosenthal from 1999 to 2000.

Judge Ryan is currently a Lecturer on Law at Harvard Law School and an elected member of the American Law Institute.^[4] She previously served as the J.J. Clynes Endowed Visiting Professor of Law at Notre Dame Law School, where she taught Evidence, Military Law, and Constitutional Issues in the Military Justice System. ^[4] She has also taught as an adjunct at the University of Georgia Law School and the George Washington University Law School. ^[4]

Ryan was nominated to the United States Court of Appeals for the Armed Forces by President George W. Bush on November 15, 2006 to replace Judge H. F. Gierke III, who retired September 30, 2006. She was confirmed less than a month later by the U.S. Senate on December 9, 2006 by unanimous consent. Ryan's appointment for a 15-year term was due to expire on July 31, 2021. However, the Court of Appeals for the Armed Forces website as of 2017 indicated that Judge Ryan's term would end on July 31, 2020.^[5]

In 2012, Judge Ryan joined the court majority that found that it did not have jurisdiction to order disclosure of trial documents from the Chelsea Manning court-martial.^[6] When the court majority reversed the conviction of a soldier for attempting suicide, Judge Ryan dissented, arguing that the appeals court did not have jurisdiction.^[6]

In September 2016, Ryan was named as a possible nominee to the Supreme Court of the United States by Republican presidential candidate Donald Trump.^[6]

On August 21, 2025, the U.S. Securities and Exchange Commission announced that Ryan had been named Director of the SEC's Division of Enforcement, effective September 2, 2025.^[7] The appointment followed her service as a senior judge of the United States Court of Appeals for the Armed Forces. Reuters described the choice as unusual for the SEC's top enforcement post because Ryan came from a military-judicial background rather than the more typical path of a former prosecutor or securities lawyer.^[8]

On March 16, 2026, the SEC announced that Ryan had resigned as Director of the Division of Enforcement and that Principal Deputy Director Sam Waldon would serve as acting director, effective the same day.^[9]

Ryan's short tenure came during a period of turnover and policy change at the SEC. In a February 2026 speech, she said that she "did not seek" the Enforcement Director role and that the role had instead "found" her.^[10] Reuters reported that she was widely seen as an unconventional choice and that she took over a roughly 1,400-person enforcement division despite having little experience specific to securities law. Reuters also noted that she was selected by SEC chair Paul Atkins, who had taken office in April 2025 and spent several months filling senior leadership posts.^[11]

Her service also overlapped with a sharp staff exodus at the agency. In March 2025, Reuters reported that more than 600 SEC employees had agreed to leave under Trump administration buyout and early-retirement programs, including more than 150 in Enforcement, and that the Division of Enforcement and the Office of the General Counsel were among the hardest-hit parts of the agency.^[12] Reuters reported the following month that the SEC had lost 16% of its workforce over the prior year and that some key offices had been depleted by nearly 20%, prompting critics to say that the losses could weaken the agency's ability to police markets and respond to crises.^[13] In February 2026, Reuters reported that Atkins told Congress the agency had staffing gaps it planned to fill, while also saying the SEC still had a strong enforcement team.^[14]

Reuters reported at the time of Ryan's resignation that the SEC had changed markedly under Republican leadership. According to Reuters, the agency's leadership was steering Enforcement toward cases focused on outright fraud and market manipulation and away from some compliance-oriented matters, while some lawyers described the division's enforcement activity during Ryan's tenure as relatively slow or uneven. Reuters also said that her time in office coincided with a government shutdown and continued attrition across the agency.^[11]

The Department of Government Efficiency (DOGE) also became part of the backdrop to Ryan's tenure. Reuters reported that DOGE reviewed SEC contracts and organization charts for possible cuts and restructuring, leaving some staff worried about their jobs.^[15] Reuters also reported that, before taking office, Atkins told senators he would "definitely" work with DOGE on agency "efficiencies."^[16] In March 2025, Reuters reported that SEC chair nominee Paul Atkins told the Senate that he would "definitely" work with DOGE, and in May Reuters reported that, after taking office, he defended the staff reductions before Congress and said the agency still had sufficient expertise.^[17][18]

Ryan is married to Michael J. Collins.^[2]

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