By Cydney Posner

It's been reported that President Obama submitted to the Senate the name of Daniel M. Gallagher, Jr. as his nominee to fill the seat on the SEC to be vacated in June by Kathleen Casey. The president also plans to re-nominate current commissioner Luis A. Aguilar to another term. According to The Washington Post , Gallagher, a partner at Wilmer Cutler, was formerly in the leadership at the SEC's Division of Trading and Markets and was "deeply involved in the agency's response to the financial crisis of 2008." The WSJ  reports that Gallagher served for several months as that division's acting co-head when he left the agency in January 2010 and had served as counsel to former SEC Commissioner Paul Atkins and SEC Chairman Christopher Cox, both Republicans. According to Reuters, Atkins described him as "upbeat" and a "positive force" for the SEC. Another attorney who worked as a counsel to Atkins described Gallagher as "even tempered" with a "strong command of the federal securities laws, " adding that "he thinks Gallagher will bring some of the same viewpoints to the commission that are shared by Casey, particularly in the area of cost benefit analysis for the Dodd-Frank rules." The blog of the Legal Times reports that he was a point person for the SEC in responding to the financial crisis, overseeing issues related to the bankruptcy of Lehman Brothers, rulemaking on credit rating agencies and efforts to facilitate the central clearing of credit default swaps. When he left the SEC to rejoin Wilmer in January 2010, SEC Chair Mary Schapiro said that he "served this agency well during a very difficult time."

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as "Cooley"). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction, and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. When advising companies, our attorney-client relationship is with the company, not with any individual. This content may have been generated with the assistance of artificial intelligence (Al) in accordance with our Al Principles, may be considered Attorney Advertising and is subject to our legal notices.