(Bloomberg) — President Joe Biden plans to nominate House Speaker Nancy Pelosi, an aide and a longtime Securities and Exchange Commission employee, to fill the two top slots in the regulator, the White House said Wednesday.
Jaime Lizzarraga, a senior adviser to Pelosi, will take over to depose Democratic Commissioner Allison Herren Lee. Mark Ueda, who has spent a portion of his career on the SEC and is currently serving on the Senate Banking Committee, will fill an open Republican seat on the five-person commission.
Both picks require Senate approval.
If confirmed, Lizzarraga and Uyeda will join the SEC at a time when Chair Gary Gensler is pushing for tightening regulations on Wall Street traders, hedge-fund managers and crypto firms. The agency also last month proposed requiring businesses to outline the risks of a warming planet to their operations when filing registration statements, annual reports or other documents.