Gallagher not interested in serving as SEC chair in second Trump administration

Dan Gallagher, chief legal officer at the financial services firm Robinhood, said Friday that he is not interested in chairing the Securities and Exchange Commission (SEC) in President-elect Trump’s second administration.

“It is always an honor to have your name in the mix for an incredibly important job like SEC Chairman,” Gallagher said in a statement. “However, I have made it clear that I do not wish to be considered for this position.”

“I am committed to Robinhood and our millions of customers who represent the new generation of retail investors,” he continued. “I feel I can make tremendous progress to democratize finance in my current role, and I will remain a vocal and consistent advocate for positive change in our markets.”

Gallagher, who previously served as a commissioner at the SEC from 2011-15, had been floated as a possible contender to lead the agency.

Other potential candidates include former acting Comptroller of the Currency Brian Brooks, former SEC Chair Paul Atkins and former SEC general counsel Robert Stebbins, according to Axios.

Trump could also tap either of the existing Republicans on the commission, Mark Uyeda or Hester Peirce, to serve as the chair.

Gallagher's decision to bow out of the race comes one day after Chair Gary Gensler announced his plans to depart Jan. 20. Like other Biden appointees, Gensler was widely expected to step down ahead of Trump’s inauguration.

Gensler’s fellow Democratic commissioner, Jaime Lizárraga, also announced Friday that he would be stepping down Jan. 17, as his wife contends with a serious illness. Unlike the chair, he was not expected to leave the agency amid the transition.