Commissioner Jaime Lizárraga of the Securities and Change Fee will step down on January seventeenth, three days earlier than incoming US President Donald Trump’s inauguration. In an interview with Bloomberg Legislation, the previous congressional aide stated he plans to go away the SEC to spend extra time together with his household and attend to the wants of his spouse, who’s battling breast most cancers.
Lizárraga’s announcement comes days after SEC Chairman Gary Gensler introduced on Twitter/X that he’s stepping down this January twentieth, in time for Trump’s second inauguration.
Lizárraga’s departure will go away only one Democrat on the company when Trump begins his second administration.
🚨NEW: @SECGov Chair @GaryGensler has launched a press release about Commissioner Lizárraga following the information of his departure:
“Jaime Lizárraga has been such a devoted public servant centered on the pursuits of working households for greater than three many years. I’ve had the… https://t.co/faqFYaDaJF
— Eleanor Terrett (@EleanorTerrett) November 22, 2024
Lizárraga Cites Private Causes Over Departure
Lizárraga confirmed his plans to go away the company in a Bloomberg Legislation interview on Friday. The commissioner shared that he’s planning to spend extra time with household, notably his spouse, Kelly.
In the identical interview, he shared that he mirrored on his determination and the challenges forward and determined to favor his household. Lizárraga was a former aide of Rep. Nancy Pelosi of California and joined the company in 2022, together with his time period expiring in 2027.
Throughout his keep at SEC, Lizárraga advocated for company duty and reporting on local weather dangers and knowledge breaches. He additional shared that he’ll stay dedicated to his work on the company till his final day in workplace.
SEC Commissioner Jaime Lizárraga. Picture: Samuel Corum/Bloomberg
A Republican-Led SEC To Begin Trump’s 2nd Administration
The regulatory physique has 5 commissioners appointed by the president with the permission and recommendation of the Senate. Three commissioners are Democrats, together with Chairman Gensler, Lizárraga, and Caroline Crenshaw.
SEC Commissioner Jaime Lizárraga intends to step down on Jan. 17, leaving only one Democrat on the fee when President-elect Donald Trump returns to workplace.https://t.co/4ldjA8rEkR
— Bloomberg Legislation (@BLaw) November 23, 2024
With Lizárraga and Gensler saying their departures this week, solely Crenshaw, Hester Peirce, and Mark Uyeda stay. Apparently, Peirce and Uyeda have supplied dissenting voices in varied SEC selections.
With President Donald Trump taking workplace, many anticipate the company to undertake crypto-friendly insurance policies and guidelines. With Gensler and Lizárraga leaving by January, the cryptocurrency business can doubtlessly welcome a friendlier business.
No Affirmation But On New Chair, Commissioners
The SEC has obtained a lot criticism over its aggressive regulation and implementation these previous few months. Trump has promised to take away Gensler from his put up as soon as he wins and pledges to cease the aggressive assaults on cryptocurrencies.
Additionally, Trump hasn’t introduced the substitute for Gensler and Lizárraga. Loads of top-caliber names, together with former commissioner Paul Atkins and Robert Stebbins, have been floated lately to take these positions. Dan Gallagher is one other title floated by some, however he has acknowledged that he’s not thinking about main the workplace.
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