| WASHINGTON, July 29
WASHINGTON, July 29 An attorney at the U.S.
Securities and Exchange Commission who once helped craft
legislative language for the "Volcker rule" and other major
pieces of the 2010 Dodd-Frank financial reform law is returning
to Capitol Hill.
Tyler Gellasch, a counsel for SEC Democratic member Kara
Stein, will begin working on Monday as a senior counsel for the
U.S. Senate Permanent Subcommittee on Investigations, a
committee staffer said.
The panel, which is chaired by Michigan Democrat Carl Levin,
is well-known for its high-profile investigative work - it has
probed the causes of the 2007-2009 financial crisis, the "London
Whale" trading loss at JP Morgan and issues surrounding
banks that help wealthy U.S. clients evade taxes.
Prior to joining the SEC, Gellasch worked for Levin's
personal staff, helping write parts of the Dodd-Frank law,
including the Volcker rule, which bans banks from proprietary
trading and restricts their ownership in private equity and
He also was involved in developing the Stop Trading on
Congressional Knowledge (STOCK) Act, a 2012 law that prohibits
congressional staff from trading on or misappropriating material
The SEC is currently relying on this law for the very first
time in an ongoing legal dispute with the U.S. House Ways and
Means Committee and one of its staffers over gaining access to
documents for an insider-trading probe.
Gellasch has only worked for about a year with Stein, who is
also a former U.S. Senate staffer.
"Ty Gellasch has been a tremendous asset to my office, and I
wish him the best in his new endeavor," Stein said. Gellasch
could not be immediately reached for comment.
During Gellasch's tenure, the SEC has adopted the Volcker
rule, a measure laying out how rules will apply to cross-border
swap trades, and reforms for money market funds, among other
(Reporting by Sarah N. Lynch; Additional reporting by Douwe
Miedema; Editing by Paul Simao)