SEC Commissioner Daniel M. Gallagher spoke about regulation and compliance during a Heyman Center Lunch Talk.
October 30, 2013 - Speaking to a room full of students, SEC Commissioner Daniel M. Gallagher discussed the methods in which the financial crisis has redefined the role of government regulators. Commissioner Gallagher was appointed by President Obama to the U.S. Securities and Exchange Commission in 2011, and he played a key role in the SEC's response to the financial crisis. He had previously served as counsel to prior Commissioners and as Deputy Director of the Division of Trading and Markets.
In his talk, Gallagher criticized the Dodd–Frank Wall Street Reform and Consumer Protection Act, saying the act misses many key areas of regulation. He said he believes industry and regulator can work together to develop a culture of compliance.
In addition, Gallagher stressed the importance of public service for the economy. He also noted that regulatory compliance is a growing area of the legal field, and is providing new opportunities for recent graduates.