President Joe Biden on Wednesday announced his intent to nominate two people to the Securities and Exchange Commission.
Jaime Lizarraga, senior adviser to House Speaker Nancy Pelosi, D-Calif., and Mark T. Uyeda, a career attorney with the SEC currently on detail to the Senate Banking Committee where he serves as securities counsel on the committee's minority staff, will be nominated to the five-member commission, the White House said.
Mr. Lizarraga currently oversees issues relating to financial markets, housing, international financial institutions, immigration and small business policy for Ms. Pelosi. He also serves as the speaker's liaison to the Congressional Hispanic Caucus.
If confirmed, he will fill the seat currently held by Commissioner Allison Herren Lee. Ms. Lee, a Democrat whose term expires in June, announced March 15 that she will step down once a successor is confirmed.
Mr. Uyeda joined the SEC in 2006 and has worked in various capacities, including as senior adviser to Chairman Jay Clayton — a Republican who led the SEC during the Trump administration — and Acting Chairman Michael S. Piwowar, and as counsel to Commissioner Paul S. Atkins, also Republicans. He has also served as assistant director and senior special counsel in the SEC's division of investment management.
Mr. Uyeda, if confirmed, would fill the seat left by Commissioner Elad L. Roisman, a Republican who resigned in January.
No more than three commissioners may belong to the same political party. If both Mr. Lizárraga and Mr. Uyeda are confirmed, the SEC will once again have five members with Democrats, led by Chairman Gary Gensler, holding a 3-2 majority.