WASHINGTON (Reuters) – Gary Gensler, a major financial regulator under the Obama administration, is expected to be named president of the US Securities and Exchange Commission (SEC) in the coming days by President-Elect Joe Biden, two sources familiar with the matter said. Said on Tuesday.
From 2009 to 2014 Gensler was chairman of the Commodity Futures Trading Commission (CFTC), and has planned Biden’s transition to oversight of the financial industry since November.
Gensler did not respond to a request for comment.
A spokesperson for Biden did not immediately respond to a request for comment.
The appointment of Gensler as the prospect of the nation’s top securities regulator meant a reversal of the four-year rule that Wall Street banks, brokers, funds and public companies enjoyed under President Donald Trump’s SEC chair Jay Clatten have taken.
At CFTC, Gensler implemented new swap trading rules mandated by Congress after the 2007–2009 financial crisis, which developed a reputation as a hard-nosed operator ruffling feathers.
A former Goldman Sachs banker and a professor at the MIT Sloan School of Management, Gensler oversaw the prosecution of large investment banks for rigging LIBOR, the benchmark of trillions of dollars in lending worldwide.
Editing by Michelle Price, Rosalba O’Brien and Howard Goller