SEC Commissioner Jaime Lizarraga will step down Jan. 17.
Lizarraga, a Democrat who has served on the commission since July 2022, announced Nov. 22 that his wife is battling a serious illness. “In reflecting on the challenges that lie ahead, we have decided that it is in the best interests of our family to close this chapter in my 34-year public service journey,” he said.
Until his departure, Lizarraga, who was previously a senior adviser to former House Speaker Nancy Pelosi, D-Calif., said he will remain fully engaged in the commission's ongoing work and activities.
“I don't yet know what comes next, but I do know that it has been a great honor to serve as SEC commissioner,” he added.
Lizarraga’s announcement comes one day after SEC Chair Gary Gensler said he will leave the agency Jan. 20, the same day as President-elect Donald Trump's inauguration.
Trump will get to nominate replacements for Gensler and Lizarraga, though Lizarraga’s seat will still be held by a Democrat. A replacement for Lizarraga will serve out the remainder of his term, which expires in June 2027.
The five-member commission is split between Democrats and Republicans. The party in the White House typically dictates which party controls the commission with a 3-2 majority. Gensler’s term doesn't expire until 2026, but his resignation paves the way for a 3-2 Republican majority next year.
