Dan Gallagher, chief legal officer of financial services company Robinhood, said Friday that he has no interest in serving as chairman of the Securities and Exchange Commission (SEC) in President-elect Donald Trump's second administration.
“It is always an honor to have my name mentioned in such a vital position as SEC Chairman,” Gallagher said in a statement. “But I have made it clear that I do not want to be in this position.”
“I am completely committed to Robinhood and its millions of customers who represent a new generation of retail investors,” he continued. “I feel I can make significant strides in democratizing finance in my current role, and I intend to continue to advocate loudly and consistently for positive change in the markets.”
Gallagher served as an SEC commissioner from 2011 to 2015 and was emerging as a potential candidate for the SEC's top job.
Other potential candidates include former Acting Comptroller of the Currency Brian Brooks, former SEC Chairman Paul Atkins, and former SEC General Counsel Robert Stebbins. According to Axios.
Trump could also select one of the committee's existing Republicans, Mark Ueda or Hester Peirce, to chair the committee.
Gallagher's decision to withdraw from the race came a day after Chairman Gary Gensler announced his plans to resign on January 20th. Like other Biden nominees, Gensler was widely expected to resign ahead of President Trump's inauguration.
Gensler's fellow Democratic committee member Jaime Lizarraga also announced Friday that he would resign on Jan. 17 as his wife battles a serious illness. Unlike the chairman, he was not expected to leave the agency during the transition.
