SEC Commissioner Mark Uyeda chronicles family’s journey from internment camps to the federal government
Two generations ago, Mark Uyeda’s grandfather lost everything when he was sent to an internment camp in Arkansas for Japanese-Americans. Following his release after World War II, he started a small business that delivered fresh produce to local franchises, including the then-new Mexican restaurant Taco Bell.
His grandson Mark, now a Republican commissioner at the Securities and Exchange Commission (SEC), spoke to the Congressional Asian Pacific American Staff Association (CAPASA) last week about his journey to the top ranks of financial regulators.
“Despite the unjust internment of Commissioner Uyeda’s family during World War II, the Commissioner emphasized that his proudest moments as a public servant have been representing the United States overseas,” an attendee of his speech told the Reporter. “His story exemplifies the resilience of the American spirit. We are fortunate to have dedicated public servants like Commissioner Uyeda.”
During his first Senate confirmation hearing, Uyeda said that his own first job was helping his grandfather “pull cartons of fruits and vegetables off the truck to deliver them to small restaurants and retailers.” That work ethic animates his worldview, he told CAPASA.
In his current role as an SEC Commissioner, Uyeda has harshly criticized government attempts to mandate the use of ESG in investing. “The Commission needs to cease empowering special interest ESG activists to dominate C-suites and corporate boards,” Uyeda said in a recent interview. “We should take a hard look at policies that permit a small number of proxy advisers and asset managers to effectively control public companies. The commission must empower entrepreneurs to build businesses, create jobs and innovate by focusing on capital formation.”
Since becoming a commissioner in 2022, Uyeda has often opposed its controversial chairman Gary Gensler. During a recent House Financial Services Committee hearing, Uyeda, sitting a few seats down from Gensler, called the chairman’s work “below average.” Uyeda, who has worked at the SEC for almost two decades, has experienced rulemaking under both Democratic and Republican Chairs. Per Uyeda, the SEC was a “best practices” regulator until Gensler arrived.
Uyeda frequently raises concerns from his SEC perch that large asset managers have at times potentially misled the public through woke stakeholder capitalism initiatives. Uyeda believes that American companies should focus on increasing shareholder value, not on political pet projects that are often deleterious to shareholder value.
