SEC’s Gallagher Wants the Fed Back in its Regulatory Box
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Securities and Exchange Commission member Daniel Gallagher says the Federal Reserve is pushing even deeper onto his agency’s turf than Congress intended when it rewrote the rules of financial regulation three years ago.
Gallagher, a Republican, is fanning a conflict rooted in the 2010 Dodd-Frank law, under which the SEC lost some power to the central bank. He has publicly criticized the Fed for expanding its role in the so-called Volcker rule banning proprietary trading and oversight of money-market funds.