Biden taps Democrat, Republican to serve on SEC

President Biden nominated two people on Wednesday to serve as commissioners for the Securities and Exchange Commission (SEC).

Biden nominated Jaime Lizárraga, currently a senior adviser to House Speaker Nancy Pelosi (D-Calif.), and Mark Uyeda, an SEC attorney temporarily working with the Senate Banking Committee’s minority staff, as SEC commissioners.

If confirmed, Lizárraga would be taking the Democratic seat soon to be vacated by Commissioner Allison Herren Lee, and Uyeda would be filling former Republican Commissioner Elad Roisman’s seat, according to The Wall Street Journal, which was the first to report about the anticipated announcement.

The White House’s announcement noted that Lizárraga was a previous presidential appointee at the Treasury Department and SEC and had been, in his current role, working on issues regarding international financial institutions and financial markets, among other topics.

“President Biden’s nomination of Jaime Lizárraga to serve as SEC Commissioner is an appointment of a devoted champion of working families and a lifelong public servant,” Pelosi said in a statement. “As Commissioner, Jaime will be a force in safeguarding the interests of the investing public, improving transparency in our financial markets and building a more equitable financial future for all.”

Uyeda is a career SEC attorney who is working with the Senate Banking Committee’s minority staff as a securities counsel in a temporary capacity, according to the White House’s announcement. 

He has worked at the SEC for more than 25 years in various roles, including as counsel to Commissioner Paul Atkins and senior adviser to Chairman Jay Clayton and acting Chairman Michael Piwowar.

“Having personally worked with Mark during his time as an SEC attorney detailed to the Senate Banking Committee, I know firsthand that Mark’s depth of knowledge on securities and markets is unrivaled,” Senate Banking Committee ranking member Pat Toomey (R-Pa.) said in a statement.

“Beyond his sterling credentials and expertise, Mark is a smart, fair, diligent, and humble colleague. The Committee’s loss will be the SEC’s gain should he be confirmed to faithfully carry out the SEC’s narrow statutory mandates.”