SEC’s Gallagher to Resign as Commissioner After Four Years

Daniel Gallagher is resigning his post as a Republican member of the U.S. Securities and Exchange Commission after four years, a time marked by partisan battles over the regulatory response to the 2008 financial crisis, according to three people familiar with the matter.

The White House will now need to replace him as well as Luis Aguilar, the Democratic commissioner whose term expires next month. The departures herald a transformation at the agency, which has struggled to write dozens of new regulations arising from the 2010 Dodd-Frank Act.