Skip to content
Subscriber Only

Gallagher Faces $1 Million Pay Cut If Confirmed for SEC Post

Daniel M. Gallagher will take a pay cut of more than $1 million a year if the Senate confirms him for a spot on the U.S. Securities and Exchange Commission.

The securities lawyer and former SEC deputy division director is one of President Barack Obama’s two commission nominees facing a confirmation hearing tomorrow before the Senate Banking Committee. Gallagher’s financial disclosures show he was paid about $1.2 million a year advising SEC-regulated firms. If confirmed, his salary will be $155,500, according to the U.S. Office of Personnel Management.