SEC Commissioner Luis Aguilar's chief of staff, Smeeta Ramarathnam, was name Tuesday to the newly created role of deputy director in the Office of Credit Ratings, which oversees ratings agencies. Commissioner Daniel Gallagher announced Friday that he will leave the Commission by Oct. 2.
The Securities and Exchange Commission was charged by the Dodd-Frank Act to establish the Office of Credit Ratings to enhance the regulation, accountability and transparency of nationally recognized statistical rating organizations (NRSROs). The office, staffed with examiners, attorneys and accountants, examines each NRSRO at least annually and issues annual reports summarizing the essential findings of the examinations.
Ramarathnam, who begins her new role later this month, will provide leadership and direction for various office activities including examinations and monitoring of NRSROs, rulemaking and related initiatives.
She has served as Aguilar's chief of staff for the past seven years. The SEC is set to lose both Aguilar, a Democrat whose term is expiring, as well as Gallagher, a Republican.
Gallagher submitted his resignation to the White House in May, and said it would be effective "on the appointment of my successor." In his Friday statement, Gallagher said that "over the succeeding months, the need to bring greater clarity to my tenure has steadily grown. As a result, I recently informed the president that I intend to leave the Commission on the earlier of the appointment of my successor or Friday, Oct. 2."
He added: "It has been a great honor to serve on the Commission during such an important time."
