Gensler, Lizárraga to Depart SEC in January

In November, Securities and Exchange Commission (SEC) Chair, Gary Gensler, announced his intention to depart from his role on Monday, January 20. Chair Gensler was nominated by President Biden on February 3, 2021, and was confirmed by the U.S. Senate on April 20, 2021. During his tenure, he advanced several new rules including Money Market Fund reforms, Names Rule amendments, changes to Form N-PORT and N-CEN, shortening the settlement cycle to T+1, as well as additional final rules on central clearing, the National Market System, private fund reporting, and others. Several of the rules finalized under his tenure have been involved in litigation including the private funds rules and climate change disclosure.

Additionally, in late November SEC Commissioner Jaime Lizárraga announced he would depart the Commission on January 17, 2025 for personal reasons. Commissioner Lizárraga was sworn into office on July 18, 2022 and his term was scheduled to end in 2027.

President-elect Donald Trump has not yet chosen a nominee to lead the SEC, nor has he announced a nominee to fill the Democratic vacancy on the Commission due to Commissioner Lizárraga’s departure. 

Click here to read the Commission’s press release covering Chair Gensler’s departure.
Click here to read Commissioner Lizarraga’s statement on his departure.