Two new SEC commissioners—one Democrat and one Republican—have moved a step closer to being confirmed by the U.S. Senate.
The Senate Banking Committee on June 8 approved the nominations of Mark Uyeda to fill the open Republican seat and Jaime Lizárraga to fill the forthcoming vacant slot for the Democrats. Both nominees were approved by voice vote, with the support of both the chairman and ranking Republican of the committee, meaning they will likely be approved by the full Senate once their nominations are considered by the chamber.
Lizárraga currently serves as Senior Advisor to Speaker of the House Nancy Pelosi (D-CA), overseeing issues relating to financial markets, housing, international financial institutions, immigration and small business policy. He also serves as the Speaker’s liaison to the Congressional Hispanic Caucus. As part of his 31-year public service career, he also served on the Democratic staff of the House Financial Services Committee and as a presidential appointee at the U.S. Department of the Treasury and the SEC.
Uyeda is currently detailed from the SEC to the staff of Sen. Pat Toomey (R-PA), the ranking Republican of the Senate Banking Committee. Uyeda joined the SEC in 2006 and has worked in various capacities, including as Senior Advisor to Chairman Jay Clayton and Acting Chairman Michael Piwowar, and as Counsel to Commissioner Paul Atkins. He has also served as Assistant Director and Senior Special Counsel in the SEC’s Division of Investment Management.
“Mr. Uyeda is also well-qualified to serve as a SEC Commissioner based on his over 25 years of experience in securities and corporate law, including the last 15 years as a career SEC attorney,” Toomey stated. “Having personally worked with Mr. Uyeda during his time detailed to the Banking Committee, I know firsthand that he is exceptionally hard working, smart, knowledgeable and fair.”
Toomey observed that Uyeda received multiple statements of support for his nomination, including from former SEC Commissioners who know him, and that, if confirmed, he would be the first Asian Pacific American to serve as an SEC Commissioner in the agency’s 88-year history.
Uyeda would fill the open slot vacated in January by former Commissioner Elad Roisman. Lizárraga would fill the slot of Commissioner Allison Herren Lee, whose term expires in June. Lee announced in March that she plans to step down once the Senate confirms a new commissioner.
The SEC is currently comprised of Democrats Gary Gensler (Chair), Caroline Crenshaw and Lee and Republican Hester Peirce. At full capacity, the SEC has five commissioners, with no more than three from one party.
