NATION

James C. Treadway Jr., a member of the Securities and Exchange Commission since 1982, said he will resign within 90 days, adding that he is leaving the Administration because “it’s just time to go.” His term was to have expired on June 5, 1987.

A former partner in a Washington law firm before his appointment by President Reagan, Treadway said Wednesday that he was “separated” from his “driving compulsion, the nuts-and-bolts involvement in corporate financing. I miss it.” He said he plans to return to private corporation law practice.

SEC Chairman John S. R. Shad said Treadway had made “important” contributions in his 2 1/2 years on the commission in the areas of financial reporting and the regulation of investment companies. “He’s a first-rate lawyer,” Shad said in an interview. He added that it is too early to say who would be appointed to vacant post. But “I want someone with a comparable background to Jim Treadway,” Shad said.

The SEC is composed of three members of the same political party as the President and two members of the opposition party. Thus, President Reagan would appoint another Republican to the post.