SEC Commissioner Luis Aguilar announced Monday that he will be leaving his post by the end of December, or sooner if George Washington University law professor Lisa Fairfax is confirmed by the Senate to assume his position.
In a Monday letter to President Barack Obama, Aguilar said that it has “been an honor and a privilege” to serve as an SEC commissioner for the past seven years.
Aguilar, whose term officially ended on June 5, noted that he’s only one of three Commissioners who have been nominated by two different presidents from two different political parties in the Commission’s history.
Aguilar, a Democrat, has been a staunch advocate of the SEC promulgating a uniform fiduciary rule for brokers and advisors.
The White House announced on Oct. 20 that it nominated Fairfax and George Mason professor Hester Peirce to replace Aguilar and former-Republican SEC Commissioner Daniel Gallagher, who left his post on Oct. 2. Gallagher’s term was to expire in 2016.