Two Selected to Fill SEC Vacancies

Late Friday, the White House announced that it intended to nominate two Democrats to fill vacant seats on the Securities and Exchange Commission. The Bush Administration will follow the recommendations of Senate Majority Leader Harry Reid.

The likely nominees are two securities lawyers: Luis Aguilar, a partner with McKenna Long & Aldridge in Atlanta; and Elisse Walter, a senior executive vice president at the Financial Industry Regulatory Authority (formerly the National Association of Securities Dealers.)

According to his law-firm biography, Aguilar focuses on corporate governance, public and private offerings (IPOs and secondary offerings), mergers and acquisitions, mutual funds, investment advisers, broker-dealers, and other aspects of federal and state securities laws and regulations.

The announcement ends speculation that the President would not fill the spots vacated by the resignations of Roel Campos and Annette Nazareth. The five-person commission can not have more than three members who are in the same political party as the president.

If the two are confirmed by the Senate, which is likely considering that they have the support of Reid and of President Bush, Aguilar would fill the seat formerly held by Campos that expires in June 2010 and Walter would fill Nazareth's seat, which does not expire until mid-2012.

Both nominees have worked at the SEC in the past. Aguilar was a former SEC attorney and Walter was a deputy director in the SEC's corporate-finance division.

A timetable for Senate confirmation has yet to be set.