According to a statement from the White House, President Biden is planning to nominate two new SEC commissioners, Democrat Jaime Lizárraga to fill the seat of departing Commissioner Allison Herren Lee (see this PubCo post), and Republican Mark Uyeda to fill the seat recently vacated by former Commissioner Elad Roisman (see this PubCo post). The statement indicates that Lizárraga serves as a Senior Advisor to House Speaker Nancy Pelosi, where he “oversees issues relating to financial markets, housing, international financial institutions, immigration, and small business policy.” Mark Uyeda has been a career attorney at the SEC for 15 years, but is currently detailed to the Senate Committee on Banking, Housing, and Urban Affairs, where he serves as Securities Counsel on the Committee’s Minority Staff. Both nominations are subject to Senate confirmation.
According to the White House statement, in his role as Senior Advisor, Lizárraga played key roles in the Build Back Better Act, the American Rescue Plan, COVID relief legislation, Dodd-Frank, omnibus appropriations bills, the Economic Emergency and Stabilization Act of 2008, and many others. He also serves as the Speaker’s liaison to the Congressional Hispanic Caucus. According to the WSJ, Pelosi commented that, as a 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.” He has had a 31-year career in public service, advising Congressional leaders and heads of executive agencies on policy and legislative strategy. He previously served on the Democratic staff of the House Financial Services Committee and as a presidential appointee at the Treasury Department and the SEC. He graduated from the UC San Diego with high honors, and earned a master’s degree from the Lyndon B. Johnson School of Public Affairs at the University of Texas. Lizárraga is the son of immigrant farm workers.
Uyeda has over 25 years of experience in corporate and securities law, including 18 years of public service working in federal and state government, preceded by a number of years in private practice. Senator Pat Toomey, Ranking Member on the Senate Banking Committee, said that he knew “firsthand that Mark’s depth of knowledge on securities and markets is unrivaled.” At the SEC, Uyeda served as Senior Advisor to former Chair Jay Clayton and former Acting Chair Michael Piwowar, and as Counsel to former Commissioner Paul Atkins. He has also served as Assistant Director and Senior Special Counsel in the SEC’s Division of Investment Management. He is a past Chair of the SEC Asian Pacific American Employees Committee. From 2004 to 2006, Uyeda served as Chief Advisor to the California Corporations Commissioner. Uyeda received his law degree with honors from Duke University and his undergraduate degree in business administration from Georgetown University.