Last month, reports began to emerge that Daniel M. Gallagher Jr., a partner at law firm WilmerHale in Washington, D.C., was the front-runner to succeed outgoing SEC Commissioner Kathleen L. Casey. Last night, President Obama made the news official when he announced his intent to nominate Gallagher as the next SEC commissioner.

Gallagher is currently a partner in the Securities Department of WilmerHale, where he focuses on regulatory issues and market-related enforcement matters. Prior to joining the firm in January 2010, Gallagher was a Deputy Director of the Division of Trading and Markets at the SEC, and he served as Co-Acting Director of the Division from April 2009 to January 2010.

President Obama has also reportedly nominated Democratic SEC commissioner Luis Aguilar for a second term. Aguilar was originally nominated by President George W. Bush in 2008. Although Aguilar's first term expired in June 2010, he has remained with the agency as commissioners can remain in office for up to 18 months after their term expires if the President has not yet selected a replacement. 

 

The president's nominations of both Gallagher and Aguilar will now require Senate approval.