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.
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.
Gallagher, 42, plans to remain on the five-member commission until a successor is confirmed, a process that could take several months, the people said. The White House has already identified candidates to fill both his and Aguilar's seats.
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