The SEC has announced that Commissioner Mark Uyeda has been designated as Acting Chairman of the Securities and Exchange Commission. He will serve in this role until Paul Atkins is confirmed by the Senate as the 34th Chair of the Commission.
Mark Uyeda was originally sworn into office as an SEC Commissioner on June 30, 2022, and was sworn in for a second term on December 28, 2023. Prior to becoming an SEC Commissioner, he was detailed from the SEC to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, the U.S. Department of the Treasury and the U.S. Department of Labor. Acting Chairman Uyeda has worked at the SEC since 2006, serving in a variety of roles with prior Chairman and Commissioners and as a Senior Special Counsel in the Division of Investment Management. Before joining the SEC, Acting Chairman Uyeda served as Chief Advisor to the California Corporations Commissioner and was in private practice.
On Monday, an Executive Order titled “Ending the Weaponization of the Federal Government” was issued by the White House which stated, among other things:
Sec. 3. Ending the Weaponization of the Federal Government. (a) The Attorney General, in consultation with the heads of all departments and agencies of the United States, shall take appropriate action to review the activities of all departments and agencies exercising civil or criminal enforcement authority of the United States, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, and the Federal Trade Commission, over the last 4 years and identify any instances where a department’s or agency’s conduct appears to have been contrary to the purposes and policies of this order, and prepare a report to be submitted to the President, through the Deputy Chief of Staff for Policy and the Counsel to the President, with recommendations for appropriate remedial actions to be taken to fulfill the purposes and policies of this order.
We expect to see further announcements from the White House and the SEC over the coming days.
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