SEC Commissioner Jaime Lizarraga, a former congressional aide who oversaw Wall Street while helping push corporate reporting requirements on climate risk and data breaches, plans to step down on January 17, according to Bloomberg. Lizarraga's announcement came a day after SEC Chairperson Gary Gensler said he planned to step down on January 20. After President-elect Donald Trump returns to the White House, Caroline Crenshaw will become the only Democrat on the SEC's five-member committee, joining Republicans Hester Peirce and Mark Uyeda. Note: The Securities Exchange Commission (SEC) has five commissioners (the core decision-making level), as the president appoints commissioners with the consent of the Senate, and no more than three members of the same party. The five commissioners are designed to balance the demands of different stakeholders, including investors, issuers, exchanges, etc. Through a smaller committee, decision-making efficiency can be improved and lengthy discussions can be avoided.