Securities and Exchange Commission (SEC) Chair Gary Gensler said on Thursday that he will resign at noon on inauguration day in January, allowing President-elect Donald Trump's pick for the position to quickly take their place.

Trump, who has not named a replacement for Gensler so far, has been filling out his presidential cabinet and other key positions in his administration since winning the election earlier this month. Federal Deposit Insurance Corp. (FDIC) Chairman Martin Gruenberg said he will resign his post the day before Trump is sworn in.

Gensler, a Democrat who became the 33rd chairman in 2021, praised the agency in a statement, and said it was the "honor of a lifetime" to work with the staff at the SEC.

“The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike,” Gensler said in a news release. “The staff comprises true public servants. It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”

Gensler's exit comes one year before his five-year term was slated to end. He did not specifically state the reason for leaving early, but celebrated the agency's accomplishments, including meeting "its mission and [enforcing] the law without fear or favor."

Trump is expected to be sworn into office on January 20, 2025.

Misty Severi is an evening news reporter for Just The News. You can follow her on X for more coverage.