President Obama has yet to formally nominate a successor for outgoing SEC Commissioner Kathleen L.Casey, but the Washington Post reports that the candidacy of Washington, D.C. lawyer Daniel M. Gallagher Jr., is at an "advanced stage" and that the FBI is now conducting a background check on Gallagher. In January 2010, Gallagher, then Deputy Director of the Division of Trading and Markets, left the SEC to join law firm WilmerHale as a partner in its Washington, D.C., office.
The Post points out that the situation could still change and that any nominee will be subject to confirmation by the Senate.
Casey's five-year term expires in June, Bloomberg reports. However, as noted here by AdvisorOne, commissioners can remain in office for up to 18 months after their term expires if the President has not yet selected a replacement. Commissioner Luis Aguilar, for example, is still with the agency even though his term expired in June 2010.