WASHINGTON (Reuters) - President Barack Obama of plans to appoint Gallagher of Daniel Republican and Democrat Luis Aguilar Commissioners to the U.S. Securities and Exchange Commission, the White House said Wednesday.
In doing so, administration Obama reported that he was looking for experienced experts of titles that will be well equipped to handle the massive undertaking of implementation implementation of nearly 100 new regulations under the Act Dodd-Frank.
Aguilar served as Commissioner to the SEC since 2008. He continued to serve in this position, even if the expiry of his term last year.
Gallagher, meanwhile, is currently a partner in the Department of titles of the law firm Wilmer Cutler Pickering Hale and Dorr, but already worked at the SEC in several different capacities from 2006 to 2010.
Both were dry at the financial crisis in 2008.
The SEC, Gallagher and Aguilar declined immediate comment on the nominations late Wednesday.
Two nominations are subject to approval by the Senate of the United States. If confirmed, Gallagher would replace Commissioner Kathleen Casey, whose term expires later this year.
Gallagher worked in a number of different capacities in the sec. He was first a lawyer for former Commissioner Paul Atkins and then worked under President Chris Cox. At the time crisis strike, he served as Deputy Director of the SEC of trade and markets division and later worked as co-acting acting Director of the division from April 2009 to January 2010.
Now, this division is responsible for drafting the main rules of the Dodd-Frank law, including regulations for the market of products derived off rating of $ 600 billion and credit rating agencies.
"His experience working in a variety of roles to the SEC means he understands the 'in game' operation of the process," said Jim Overdahl, former Chief Economist at the SEC who now works for NERA economic Consulting. "" "". I know that there a lot of respect for the SEC as an institution and that it is a student of history. ?
Wednesday evening, former colleagues who have worked with Gallagher to the SEC said that they were excited by a decision of the Obama to nominate him to the position.
Atkins has described as "optimistic" and that the person who will bring a "positive force" to the commission. Bradley j. Bondi, a partner at Cadwalader, who has also worked as a lawyer of Atkins, described Gallagher as "even tempered" with a "high command of the federal securities laws."
He added that he thought that Gallagher among the same points of view will bring to the commission that are shared by Casey, particularly in the field of the cost benefit analysis for the Dodd-Frank rules.
It is a region which was a low point for the SEC historically and recently as Wednesday Casey expressed his concern that the Agency was not a suitable employment. She has been Commissioner since 2006.
Aguilar, meanwhile, is first sworn in as Commissioner on July 31, 2008. Prior to joining the SEC, he was a partner in the international law firm of McKenna Long & Aldridge, LLP, and he has also previously served the General Counsel of INVESCO.
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