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SEC's Gallagher says will leave his post by October 2
September 4, 2015 / 7:37 PM / 2 years ago

SEC's Gallagher says will leave his post by October 2

WASHINGTON (Reuters) - U.S. Securities and Exchange Commission Republican member Daniel Gallagher announced on Friday that he will not stay on at the agency past Oct. 2.

Commissioner of the U.S. Securities and Exchange Commission (SEC) Daniel Gallagher speaks at the Sandler O'Neill + Partners, L.P. Global Exchange and Brokerage Conference in New York, June 3, 2015. REUTERS/Mike Segar

Gallagher submitted his resignation letter to the White House in May, but he had not announced a date of departure.

“It has been a great honor to serve on the commission during such an important time,” Gallagher said in a statement.

SEC Chair Mary Jo White thanked Gallagher for his public service in a statement, saying his “contributions to the commission and its critical mission will be missed.”

Gallagher and Democratic SEC Commissioner Luis Aguilar, whose term is expiring, were expected to stay at the SEC until President Barack Obama nominated their replacements.

But that process has been delayed after progressive-leaning groups pressured the White House not to replace Aguilar with any corporate lawyers who represent Wall Street.

Gallagher said on Friday that he could leave sooner, if his successor is appointed this month.

Media reports have said the White House is eyeing former U.S. Senate staffer Hester Peirce, now a research fellow at George Mason University. She has consistently declined to comment about it.

Aguilar told Reuters on Friday that he has “no current plans” to leave the agency.

Technically, he can stay on board until December 2016 or until his successor is nominated by the President and confirmed by the U.S. Senate.

Reporting by Sarah N. Lynch; Editing by Sandra Maler, Doina Chiacu and Andrew Hay

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