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Jaime Lizarraga and Mark Uyeda

Regulation and Compliance > Federal Regulation

Senate Confirms 2 New SEC Commissioners

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The full Senate on Thursday confirmed by voice vote the nominations of Jaime Lizárraga, senior advisor to House Speaker Nancy Pelosi, and Mark Uyeda, a securities counsel, to serve as commissioners at the Securities and Exchange Commission.

Uyeda replaces former SEC Commissioner Elad Roisman, a Republican, who left the agency at the end of January. His term expires  on June 5, 2023.

Lizárraga replaces Allison Herren Lee, a Democrat, whose term expires in June. His term expires on June 5, 2027.

President Joe Biden nominated Lizárraga and Uyeda on April 6, and today’s vote in the Senate is the final step in their confirmation process. (Uyeda appears on the right in the image shown above, while Lizárraga is on the left.)

Lizárraga oversaw issues relating to financial markets, housing, international financial institutions, immigration and small-business policy. He also serves as Pelosi’s liaison to the Congressional Hispanic Caucus, Biden said in his announcement.

Uyeda, a securities counsel on the minority staff of the Senate Committee on Banking, Housing and Urban Affairs, has over 25 years of experience in corporate and securities law, including 18 years of public service working in federal and state government, according to Biden’s announcement. He has also served as assistant director and senior special counsel in the SEC’s Division of Investment Management.

Uyeda joined the SEC in 2006 and has worked in various capacities, including as senior advisor to former SEC Chairman Jay Clayton and former acting chairman Michael Piwowar, and as counsel to former SEC Commissioner Paul Atkins.

SEC Chairman Gary Gensler and the commissioners said in a statement that they congratulate Lizárraga and Uyeda on their successful Senate confirmations. “On behalf of the entire agency, we would like to welcome them both back” to the SEC.

The Investment Company Institute “congratulates Jaime Lizárraga and Mark Uyeda on their confirmation by the Senate to the SEC. Their insights will greatly benefit the Commission as it tackles a range of complex issues facing long-term individual investors,” said Eric Pan, ICI’s president and CEO in a statement.

Dennis Kelleher, president and CEO of Better Markets, added in another statement that “the SEC has an appropriately ambitious agenda that seeks to level the playing field between Main Street investors and Wall Street firms. From SPACs and payment for order flow to the predatory gamification and the harmful expansion of dark private markets, the SEC’s to-do list is long and critically important.”