April 8, 2022

White House Announces Two SEC Nominees

This week, President Biden announced his intent to nominate two individuals to serve on the Securities and Exchange Commission. The Commission currently has one open seat for a Republican and one seat for a Democrat when Commissioner Allison Herren Lee’s term expires in June.

The first nominee is Jaime Lizárraga, who currently serves as Senior Advisor to Speaker of the House Nancy Pelosi. Lizárraga oversees issues relating to financial markets, housing, international financial institutions, immigration, and small business policy and serves as the Speaker’s liaison to the Congressional Hispanic Caucus. He previously 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 U.S. Securities and Exchange Commission.

The second nominee is Mark T. Uyeda, who is a career attorney with the SEC, currently on detail to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, where he serves as Securities Counsel on the Committee’s Minority Staff. Uyeda joined the SEC in 2006 and has worked in various capacities, including as Senior Advisor to Chairman Jay Clayton and Acting Chairman Michael S. Piwowar, and as Counsel to Commissioner Paul S. Atkins. He has also served as Assistant Director and Senior Special Counsel in the SEC’s Division of Investment Management.

Once the President formally nominates these individuals, they will move on to the Senate confirmation process. There is no telling how long that might take.

– Dave Lynn