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May 28, 2015

SEC’s Former IM Director Returns to Help Craft Fiduciary Rule

“The Securities and Exchange Commission announced Thursday that Andrew J. “Buddy” Donohue, former director of the agency’s Division of Investment Management, will rejoin the agency as its chief of staff to help craft its fiduciary rule.

“Donohue replaces Lona Nallengara, who will leave the agency in June. As chief of staff, Donohue will be a senior advisor to SEC Chairwoman Mary Jo White on all policy, management and regulatory issues.”


But Dennis Kelleher, president and CEO of Better Markets, said the SEC’s hiring of Donohue, a former Goldman Sachs executive, to be the SEC chairwoman’s “very powerful, very influential chief of staff is an affront to the tens of millions of American families who suffered through the 2008 financial crash and are still struggling to recover today,” and reflects the ongoing revolving door of hiring Wall Street executives to SEC posts. “Adding insult to injury,” Kelleher said, Donohue “also previously worked at the SEC when the agency was missing in action in the years leading up to the worst financial crash since the Great Crash of 1929.”


Read the full Think Advisor article by Melanie Waddell here.

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