Daniel M. Gallagher delivered his final statement as SEC Commissioner on his “bittersweet” departure from the SEC. Mr. Gallagher expressed that he “look[s] forward to remaining involved in the important policy debates facing the U.S. capital markets in the years to come,” including through his lecture series with the Securities Law Program at Catholic University Columbus School of Law.
Lofchie Comment: I believe that Commissioner Gallagher was a thoughtful and serious regulator at the SEC, who took very seriously his responsibility to implement financial regulations that would both protect investors and serve the economy. In this regard, he was a constant but reasoned critic of the regulatory philosophy that simply argues for “more” (the more regulations, the better). Perhaps the most powerful argument that he made against this self-defeating approach was the visual demonstration represented in a mind-boggling chart of the number of rules that have been adopted in light of Dodd-Frank (and of course there are many more still to come). There is a link to this graphic (which I always like to think of as the “Gallagher Egg”) in this previous Cabinet article.
See: SEC Commissioner Gallagher’s Departing Statement.
Related news: Commissioner Gallagher Announces His Departure Date from SEC (with Lofchie Comment) (September 4, 2015).