When SEC Commissioner Daniel Gallagher announced in mid-May 2015 that it was his intention to depart the agency as soon as a successor was confirmed by the Senate, he probably thought that would spur the White House to name a successor. Nearly four months later, however, no successor has been nominated by the White House. Today, Commissioner Gallagher issued a short statement indicating that his offer to stay on as a commissioner now has an expiration date: Friday, October 2, 2015.
Noting that "the need to bring greater clarity to my tenure has steadily grown," Commissioner Gallagher said that he recently informed President Obama that "I intend to leave the Commission on the earlier of the appointment of my successor or Friday, October 2, 2015. It has been a great honor to serve on the Commission during such an important time."
The WSJ reports that Commissioner Gallagher's deadline follows his growing frustration with White House delays in nominating his replacement. As I discussed here in July, Sen. Elizabeth Warren and activist groups with which she is aligned were reportedly able to derail President Obama's original plan to nominate Keir Gumbs of the law firm Covington & Burling to fill a seat on the Commission. The activist groups reportedly objected to some of Gumbs’ past work, "including his advice to companies on how to dodge scrutiny from shareholder activists."
The White House must also fill a spot on the Commission that will soon be vacated by Commissioner Luis Aguilar. Commissioner Aguilar's term expired in May 2015 but he has, to date, agreed to remain on the Commission.