The Senate on Thursday confirmed in separate voice votes Jaime E. Lizarraga and Mark T. Uyeda as SEC commissioners.
Mr. Lizarraga, senior adviser to House Speaker Nancy Pelosi, D-Calif., 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. Lizarraga's term expires in 2027.
Mr. Uyeda is 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. He will fill the seat left by Commissioner Elad L. Roisman, a Republican who resigned in January, and complete a term that expires in June 2023.
Both nominees testified jointly before the Senate Banking Committee in May and were advanced out of committee via voice vote on June 8.
With Messrs. Lizarraga's and Uyeda's confirmations, the five-member SEC, led by Chairman Gary Gensler, will once again have a full complement of commissioners. Democrats, including Mr. Gensler, will have a 3-2 majority.
The SEC has been busy with Mr. Gensler at the helm and is considering rule-makings on a host of issues, including requiring public companies to disclose a host of climate-related information in their registration statements and periodic reports; compelling private fund managers to provide investors with quarterly statements detailing information about performance, fees and expenses; and shortening the settlement cycle to T+1 — settling a trade one business day after it is executed — from T+2, or two business days.
