WASHINGTON — The Senate confirmed two nominees to the Securities and Exchange Commission early Friday, ensuring the agency will not have vacancies as it grapples with rulemaking mandates imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The confirmed nominees are current SEC commissioner Luis Aguilar, whom President Obama tapped for a second term, and Daniel Gallagher, a partner at WilmerHale in Washington, D.C., and former deputy director of the SEC’s division of trading and markets.
Aguilar, a Democrat who joined the SEC on July 31, 2008, is the only commissioner other than Elisse Walter who has called for the repeal of the Tower Amendment, though she has since distanced herself from her remarks. That provision of the Securities Exchange Act of 1934 bars the SEC and the Municipal Securities Rulemaking Board from requiring muni issuers to file disclosure documents with them before issuing securities.
In a statement, SEC chairman Mary Schapiro welcomed the Senate’s move.
“Investors and markets are best served when the SEC benefits from the dedication and broad range of views that a full five-member commission provides,” she said. “I look forward to Luis’ continued service and I welcome Dan’s return to the agency as we continue our efforts to protect investors and improve our markets and the economy.”
Gallagher, a Republican, joined WilmerHale after a four-year stint at the commission, where he served as counsel to former chairman Christopher Cox and former commissioner Paul Atkins. He also served as co-acting director of the trading and markets division from April 2009 to January 2010.
