Tyler “Ty” Gellasch is a former senior government official who is now advising clients on financial regulations and economic policy matters. Ty has proven to be a successful strategist, often devising multi-faceted approaches to solve complex policy problems.
Ty Gellasch recently left the U.S. Senate, where he spent over 5 years advising Senator Carl Levin (D-MI). While there, he worked with constituents, members of Congress, the White House, state and federal regulators, and the press to help implement the Senator's policy priorities. Ty also earned a reputation as an expert legislative drafter, and was responsible for helping to draft Sections 619-621 of the Dodd-Frank Act (known as the Volcker Rule), the Crowdfunding title of the Jumpstart Our Business Startups (JOBS) Act, the securities law provisions of the Stop Trading on Congressional Knowledge Act (STOCK) Act, and the CUT Loopholes Act.
The STOCK Act is a particularly telling example of Gellasch's commitment to government service. In late 2011, a number of press reports suggested that members of Congress and their staff were trading on inside information. The press reached a fever pitch once the issue was highlighted in a 60 Minutes piece. In response, the Senate Homeland Security and Government Affairs Committee took up and reported out the STOCK Act. Gellasch's expertise in securities laws allowed him to recognize that the bill's language was unworkable. Gellasch and his boss, Senator Levin, were able to convince Chairman Lieberman, Ranking Member Collins, and others that the language needed to be revised significantly if it was ever to become law. However, since the language didn't work, and the press had died down by then, no further action was taken on it. The legislation, which was deeply flawed, was never going to become law.
That changed when President Obama called for Congress to pass the legislation in his 2012 State of the Union. Two days later, Gellasch was asked by the Senate Majority Leader's office to revise the bill. Although Gellasch was with his family in New York and had just lost his mother days earlier to a long battle with cancer, he immediately drove back to DC. Gellasch was back in the Senate Majority Leader's office at the Capitol later that day. Over the next several weeks, Ty worked nearly non-stop with Senate and White House staffs, the SEC, prominent securities law professors, and the press to revise and explain the new bill. He ultimately completely rewrote the securities law provisions (as opposed to the reporting provisions).
As revised, the STOCK Act passed the Senate with wide bipartisan support and was signed into law by President Obama on April 4, 2012. Although the reporting requirements later proved to be problematic, and some were repealed, the securities law provisions Gellasch drafted have withstood the test of time.
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