President Donald Trump has chosen a nominee to become the next chair of the Securities and Exchange Commission, but in the meantime, Michael Piwowar appears to be the ranking member, according to the SEC's website.

The site was updated to list Piwowar as acting chairman. His term on the commission expires in 2018.

Earlier in January, Trump nominated Jay Clayton, a well-known securities lawyer who has worked with several large financial firms, to join the SEC as chairman. He will face a Senate confirmation hearing that has yet to be scheduled.

With three vacancies on the commission, Kara Stein is the only other member of the SEC. Her term expires June 5, but she may continue to serve for about 18 months beyond that if she is not replaced.