Biden appoints former CFTC chief Gensler as new head of SEC

Photo: Wikifx

Gary Gensler, the former head of the U.S. Commodity Futures Trading Commission, topped Joe Biden's list of candidates for the chairmanship of the Securities and Exchange Commission.

According to Reuters and Bloomberg reports, the president-elect is expected to be named Gensler the chairman of the SEC in the coming days, but there is news that whether the choice is the final version can still be changed. Once Biden appoints him as the attorney general, the final announcement is coming.

Gensler has led Biden's transitional institutional review team, which is also responsible for the leadership of the SEC. The agency is led by political appointees who vote on rules and other key issues and are tied up with two Republican lawmakers and two Democratic commissioners.

Since Biden took over as Wall Street on Jan 20, Wall Street has been ready to appoint the incoming government to appoint the industry’s highest police officer. But so far, most candidates have a very difficult law enforcement record. After four years of Trump's campaign, they are expected to take a tougher stance. The era of deregulation.

The replacement of the former head of the US Securities and Exchange Commission Jay Clayton (Jay Clayton) was also nominated, including Manhattan (Preet Bharara). Obama was the top federal prosecutor under the Obama administration. He was fired in 2017.

Gary Gensler, 63, is a former Goldman Sachs banker and a professor at the MIT Sloan School of Management. He was in charge of the CFTC in 2009. During his tenure, the CFTC carried out hundreds of successful enforcement actions against Wall Street Banks and obtained verdicts and monetary sanctions orders totaling more than $10 billion.

Most notably, he was praised for overhauling the regulation of derivatives that led to the financial crisis of 2208. Gensler also led Dodd-Frank's regulatory reform, established a new law enforcement agency for the CFTC, and strengthened the supervision of the financial system.

One of the most famous cases involved the manipulation of foreign exchange benchmarks and exposing large-scale London interbank lending rate manipulation scandals.

Reprinted from Wikifx, the copyright all reserved by the original author.