Robinhood Adds Ex-SEC Official to Board After Regulatory Issues
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Robinhood Markets Inc. is getting a new board member: Dan Gallagher, a former commissioner for the U.S. Securities and Exchange Commission. The addition comes almost a year after a planned Robinhood checking account product was torpedoed by regulatory and insurance questions.
Gallagher will be Robinhood’s first independent board member, the startup plans to announce Monday. He was SEC commissioner from 2011 to 2015, and is currently the deputy chair of the securities department at law firm WilmerHale. Gallagher also previously held other positions at the SEC, including during the financial crisis, where he played a role in the aftermath of the Lehman Brothers bankruptcy.