A little-noticed report on candidates for an open spot on the Securities and Exchange Commission (SEC) reaffirms that the reformist wing of the Democratic Party is winning the tactical battle over financial regulatory personnel. Luis Aguilar, one of three Democratic SEC commissioners on the five-member panel, announced he would step down in May. Initially, the White House floated as a replacement Keir Gumbs, who has passed ... from SEC staff to the white-collar corporate law firm Covington & Burling. Covington & Burling counts most major U.S. banks among its clients, and is the home of former Attorney General Eric Holder and several of his top deputies. While at Covington, Gumbs allegedly gave CEOs tutorials on how to avoid disclosing their corporate political spending. He also represented the American Petroleum Institute before the SEC. Months of criticism of both Gumbs and the SEC's bank-friendly practices created a delay, with the White House agreeing to vet additional candidates. The Obama administration, despite a clear preference for moderates with Wall Street ties for financial regulatory positions, now must consider a far broader range of personnel. By forming a united front, [party reformers make] it more difficult for future Democratic administrations to use Wall Street as a policymaker talent pool. This significantly changes the landscape of the party, regardless of individual candidate views or the desires of Wall Street-aligned donors.