Biden ready to take on Wall Street Critic Gary Jenner for lead SEC


Photographer: Andrew Harrer / Bloomberg

Gary Gensler is President-Elect Joe Biden, who could choose to head the Securities and Exchange Commission, according to two people familiar with the matter, a move that would put a former regulator who would be in line with financial officials from Wall Street Known for tampering with the chief overseer.

Gensler, 63, ran the Commodity Futures Trading Commission during the Obama administration, a post where he was the driving force behind the government’s new oversight regime of the massive over-the-counter swap market. The role put him in constant competition with banks, which opposed his bungling to bring transparency and railings to a corner of finance that helped ignite the 2008 credit crunch.

Wall Street Reform Senate Hearing with Senate and CFTC Chairs

Photographer: Andrew Harrer / Bloomberg

If nominated by Biden Confirmed by the SEC’s president and the Senate, generalists will likely find themselves battling lobbying related to controversial policy decisions in familiar areas. The SEC is the front-line regulator of the securities industry and public companies should disclose to their shareholders.

Democratic lawmakers expect Gensler to have a role in actions taken during the Trump administration, including rollback of post-crisis regulations and toughening the recently accepted standard for stock-broker conduct, which progressives Is also weak as. The SEC will also face intense pressure to promote disclosures of political contributions under Biden and how climate change affects their bottom lines.

Leading candidate

While Gensler is seen as the SEC’s prime candidate, a final decision has not been made, said one person, who did not name before the public announcement. A spokesperson for Biden’s transition declined to comment on the possible selection of Gensler, previously reported by Reuters. Gensler also declined to comment.

Gensler runs the team that is reviewing the SEC, Federal Reserve and other financial regulators for Biden’s transition. After stepping down as CFTC president six years ago, he worked as chief financial officer for Hillary Clinton’s 2016 presidential campaign. Gensler is currently a professor at MIT’s Sloan School of Management where he teaches classes on financial technology and cryptocurrency.

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