According to the WSJ, SEC Commissioner Daniel Gallagher is resigning from his position prior to the end of his term, which would otherwise conclude in 2017. The article reports that he will continue as a Commissioner until his successor has been confirmed. As noted in this post, he appeared to evince some frustration at the SEC open meeting to consider proposing rules on pay versus performance, where he expressed the view that time devoted to that proposal was time wasted. Whether that played a role in his decision — or is just psychobabble — is not known. The term of Commissioner Luis Aguilar expires next month, so expect some changes at the SEC. Mr. Gallagher is a Republican member and Mr. Aguilar is a Democratic member.