President Biden Nominates Mark Uyeda and Jaime Lizárraga as SEC Commissioners

The White House has finally selected two individuals to become Commissioners at the Securities and Exchange Commission (SEC). President Joe Biden has selected:

  • Jaime Lizárraga
  • Mark Uyeda

According to the White House, Jaime Lizárraga is currently a Senior Advisor to Speaker of the House Nancy Pelosi where he advises on financial matters as well as small business policy. He is also the Speaker’s liaison to the Congressional Hispanic Caucus. Lizárraga is said to have played a key role in legislative actions such as Build Back Better, the American Rescue Plan, Dodd Frank, and more. He graduated from the University of California, San Diego and earned a master’s degree from the Lyndon B. Johnson School of Public Affairs at the University of Texas.

Uyeda is a career attorney with the Securities and Exchange Commission (SEC) currently working for the Senate Banking Committee where he is acting as Securities Counsel on the Committee’s Minority Staff. Uyeda joined the SEC in 2006 and has worked as Senior Advisor to Chairman Jay Clayton and Acting Chairman Michael S. Piwowar, and as Counsel to Commissioner Paul S. Atkins. Uyeda received his law degree with honors from Duke University and his undergraduate degree in business administration from Georgetown University.

Senator Pat Toomey commented on Uyeda’s selection:

“With nearly two decades of dedicated public service, including the last 15 years at the SEC, Mark Uyeda is exceptionally qualified to serve as an SEC Commissioner. 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. 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. I look forward to meeting with Jaime Lizárraga and discussing his views on the SEC’s mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.”

Speaker Pelosi said Lizárraga is a champion of working families:

“During the fourteen years he has served as Senior Advisor, Jaime has played an integral role in enacting some of the most consequential economic legislation in a generation.  His work includes stabilizing markets during the financial meltdown in 2008 with the TARP legislation, the Dodd-Frank Act reforms strengthening oversight of Wall Street and our financial system, multiple COVID relief packages and the transformative Build Back Better Act.  Jaime has served as a valuable asset to the Congress and our Caucus on financial markets, national housing and small business policy.  He has also been a leading voice on Puerto Rico debt restructuring and immigration reform.”

Once the two nominees are confirmed, the Commission will be back to five Commissioners.  The Senate Banking Committee should schedule a hearing soon to hear from the nominees following a vote in the Senate if approved by the Committee.

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