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Regulation and Compliance > Federal Regulation > SEC

White House Said to Mull Gallagher as Casey's SEC Replacement

By Melanie Waddell

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President Barack Obama may nominate Daniel Gallagher, a former Securities and Exchange Commission (SEC) official, as one of the agency’s five commissioners, replacing Kathleen Casey, whose five-year term expires in June, according to Bloomberg.

Bloomberg says that Gallagher is a former SEC deputy director who left the agency in 2010 to become a partner in the Washington office of Wilmer Cutler Pickering Hale & Dorr LLP. The White House hasn’t announced the selection, Bloomberg reports.

SEC Commissioner Luis Aguilar’s term expired in June 2010. Commissioners can stay in office up to 18 months after their term expires if the President has not selected a replacement.

Gallagher, 38, “oversaw the agency’s response to the 2008 bankruptcy of Lehman Brothers Holdings Inc. and worked on the Credit Rating Agency Reform Act,” Bloomberg says. Gallagher and James Brigagliano were named co-acting directors of the agency’s trading and markets division after Erik Sirri stepped down in April 2009.

Sirri, who’s now a professor of finance at Babson College, is also now leading the Municipal Securities Rulemaking Board’s (MSRB) study of the municipal securities market. The study, MSRB says, “will use municipal market trading data to examine transaction costs, price dispersion and other issues in the municipal bond market.”

Casey and Troy Paredes are the two Republican Commissioners at the SEC. Both have asked Congress to ensure the SEC performs a more rigorous cost analysis on the rule that the SEC is attempting to craft that would put brokers under the same fiduciary standard as advisors.

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