Senate Dems Push Trump Administration to Nominate Democrats for SEC Seats
Senate Democrats are urging the Trump Administration to nominate Democratic officials to bipartisan boards, including to the Securities and Exchange Commission (SEC).
In a written letter, Democratic members of the Senate Committee on Banking, Housing, and Urban Affairs called on the White House to nominate Democratic lawmakers to the SEC, the Board of Directors of the Federal Deposit Insurance Corporation (FDIC), and the Board of Directors of the Export-Import Bank (EXIM).
The letter was led by Sens. Chris Van Hollen (D-MD) and Raphael Warnock (D-GA), and signed by Angela Alsobrooks (D-MD), Lisa Blunt-Rochester (D-DE), Catherine Cortez-Masto (D-NV), Ruben Gallego (D-AZ) Andy Kim (D-NJ), Jack Reed (D-RI), Tina Smith (D-MN), Elizabeth Warren (D-MA), and Mark Warner (D-VA).
The SEC currently has two seats open for the president to fill.
“President Trump also purported to fire the Democratic members of the Board of the National Credit Union Administration (NCUA). Congress reserved each of these positions across the four agencies for members of the minority party,” Democratic officials wrote.
Lawmakers stated that the president did not make any effort to nominate Democratics in his first term, nor did the Office of Presidential Personnel (PPO) solicit candidates for upcoming roles.
Senate Democrats argued that such vacancies disrupt leadership structure at the agencies and impede on the availability of wide-ranging perspectives. The SEC, made up of five commissioners nominated by the president and confirmed by the U.S. Senate, usually includes both Democratic and Republican parties in order to guarantee neutrality.
Former Commissioners Caroline Crenshaw and Jaime Lizárraga, both Democrats, left the agency in 2026 and 2025. No Democratic lawmakers have been nominated to fill their seats since.
“But as the SEC, FDIC, NCUA, and EXIM now pursue consequential reforms across the economy and financial system, we are concerned that their lack of Democratic voices thwarts congressional intent,” lawmakers added.
As Hester Peirce exits the SEC this coming fall, Senate Democrats relayed concerns over Trump’s future pick, especially as “no practical barrier” exits to stop the president from selecting another Republican candidate. Reports have indicated that Trump plans to nominate a Republican lawmaker to replace Peirce, even as the SEC mandates for nominations to switch parties and as the agency is already led by Chair Paul Atkins, who is a Republican.
“If the President nominated a Republican to replace Commissioner Peirce without also nominating a Democrat to the SEC, he would violate the Securities Exchange Act. He would likewise flout Congress through any gimmicks to appoint allies to seats reserved by law for Democrats,” Senate Democrats wrote.
In closing the letter, Senate Democrats advised the PPO to consult with the Committee regarding Democratic nominees for the three agencies and urged them to fill empty Democratic seats on other boards. It also asked them to respond to its letter by June 23.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news.