Gallagher Declines to Lead SEC in Upcoming Trump Administration

Gallagher's Decision on SEC Chair Position

Dan Gallagher, chief legal officer at Robinhood, confirmed he is not interested in becoming the chair of the Securities and Exchange Commission (SEC) under President-elect Trump's second administration. Gallagher mentioned, “It is always an honor to have your name in the mix for an incredibly important job like SEC Chairman,” but he has made it clear he does not wish to be considered.

He expressed his commitment to Robinhood and its millions of customers, stating, “I feel I can make tremendous progress to democratize finance in my current role.” Gallagher previously served as an SEC commissioner from 2011 to 2015, and his decision follows the announcement of current Chair Gary Gensler's plans to depart on January 20. Other potential SEC Chair candidates include former acting Comptroller of the Currency Brian Brooks, former SEC Chair Paul Atkins, and former SEC general counsel Robert Stebbins.

Implications for the SEC

Gallagher's withdrawal from consideration comes amid a transitional period for the SEC as Trump prepares for his inauguration. The departure of multiple Democratic commissioners, including Jaime Lizárraga, raises questions about the future direction of the agency.