Aguilar to step down at SEC at year end

Commissioner Luis Aguilar has announced plans to step down from his term at the SEC at the end of December, “or at such earlier time as my successor assumes my position.”

While Aguilar’s term expired June 5, it’s by no means a slam-dunk for his nominated successor—law professor and Democrat Lisa Fairfax—to occupy his post. Aguilar, also a Democrat, has been outspoken on the need for warnings regarding “inherent risks” in target-date funds, as well as pushing for better disclosure rules for municipal bonds.

He also suggested greater transparency in the granting of waivers.

Aguilar has served two terms, and in his letter to President Barack Obama announcing his departure plans he noted that he is one of just three commissioners to have been nominated by two different presidents in two different political parties to serve in the post.