Daniel Gallagher, a Republican member of the Securities and Exchange Commission, is preparing to step down after nearly four years at the agency, according to people familiar with the matter. Mr. Gallagher has notified the White House of his plans to leave the five-member agency as soon as a successor is confirmed by the Senate, people familiar with the matter said. His announcement was a surprise, as his SEC tenure won’t officially come to a close until the end of 2017.
The departure will likely coincide with the resignation later this year of Luis Aguilar, a Democrat, who is planning to step down soon after nearly seven years at the agency, people familiar with his thinking said.
The White House has already begun vetting candidates to succeed Mr. Aguilar, who would like to remain at the agency long enough to help complete long-awaited rules designed to boost executive-compensation disclosures, a person familiar with his thinking said.
A Look at the SEC’s Politics
I have blogged numerous times about the battle over waivers at the Commissioner level – not to mention battles over many other things. Check out this recent article entitled “How partisan politics have poisoned the SEC”…
The Role of In-House Lawyers
This article from “The Atlantic” is about how the in-house lawyer can be serve as more than a naysayer. Having been in-house, I can tell you that it’s no fun being a naysayer – but that is a role that is critical for the in-house lawyer to play. Not all the time of course. But periodically. Otherwise, the company gets into a lot of trouble as there is no one to check egos, etc…
– Broc Romanek