July 29, 2014 / 4:50 PM / in 3 years

U.S. SEC lawyer Gellasch to leave for Senate investigative panel

WASHINGTON, July 29 (Reuters) - 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 hedge funds.

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 non-public information.

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 areas. (Reporting by Sarah N. Lynch; Additional reporting by Douwe Miedema; Editing by Paul Simao)

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