Tags: Biden Administration | gensler | biden | sec | wall street | business | senate vote

Senate Votes 53-45 to Confirm Gary Gensler as Biden's SEC Chief

Senate Votes 53-45 to Confirm Gary Gensler as Biden's SEC Chief
Gary Gensler, seen testifying on Capitol Hill in Washington, D.C., is a former Goldman Sachs banker and a professor at MIT Sloan School of Management.  (AP Photo/J. Scott Applewhite, File)

Wednesday, 14 April 2021 02:02 PM

The Senate voted 53-45 on Wednesday to confirm former derivative markets regulator Gary Gensler as head of the country's top securities markets regulator, spelling a tougher regulatory regime for Wall Street.

Gensler is expected to be sworn in as Securities and Exchange Commission (SEC) chairman in the coming days.

A former Goldman Sachs banker and a professor at MIT Sloan School of Management, Gensler most recently led President Joe Biden's transition plan for financial industry oversight and served under former President Barack Obama as chair of the Commodity Futures Trading Commission (CFTC).

Wall Street banks, brokers, funds, and public companies enjoyed four-years of easier rules and enforcement under former President Donald Trump's administration, but that ended with Biden's appointment of SEC commissioner Allison Lee as interim chair.

She has wasted no time unraveling Trump's Wall Street-friendly policies using quick-fix legal tactics, including beefing up the agency's enforcement team, and pursuing new corporate disclosure requirements.

Gensler, who developed a reputation as a tough operator willing to stand up to powerful Wall Street interests during his stint at the SEC, is expected to take an equally tough stance.

Last month, he told Congress that he would pursue new regulations for cryptocurrencies, which he said can be a "catalyst for change" but pose investor protection concerns, and would explore new climate and political spending corporate disclosures.

"Gary Gensler has the perfect mix of market expertise, regulatory experience and commitment to the public interest to be an outstanding SEC Chairman," said Barbara Roper, chief investor advocate at Washington-based Consumer Federation of America.

"He'll have a long list of pressing issues to address once he is sworn in, but I have no doubt that he will dive into that workload with gusto."

© 2021 Thomson/Reuters. All rights reserved.


StreetTalk
The Senate voted 53-45 on Wednesday to confirm former derivative markets regulator Gary Gensler as head of the country's top securities markets regulator, spelling a tougher regulatory regime for Wall Street.
gensler, biden, sec, wall street, business, senate vote
287
2021-02-14
Wednesday, 14 April 2021 02:02 PM
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