The SEC’s work could be affected if it finds itself down to three or four commissioners from a full complement of five, SEC Chairman Mary Jo White said Wednesday.
But she added there would be no hiatus in the work of the commission.
The prospect of the shrinkage has become real with the statement of Republican Commissioner Daniel Gallagher that he plans to leave on October 2.
Democratic Commissioner Luis Aguilar’s term expired in June, but he can legally stay on board until the end of the current session of Congress in January 2017
The speculation in Washington is that he would not stay that long.
Without Aguilar and Gallagher, the commission’s lineup would be two Democrats, White and Kara Stein, and one Republican, Michael Piwowar.
In recent years, the commission has become increasingly politicized, with frequent party-line votes.
Speaking at a short, impromptu press conference, White would not guess when President Obama would name Gallagher’s and Aguilar’s replacements, who would need to be confirmed by the Senate.
Hester Pierce, Mercatus Center Financial Markets Working Group director and an SEC Investor Advisory Committee member, has been rumored to be a possible successor to Gallagher.