Gary Gensler was Chairman of the Commodity Futures Trading Commission from 2009 to 2014.
Gary Gensler, one of the main financial regulators under the administration of US President Barack Obama, is expected to be appointed chairman of the US Securities and Exchange Commission (SEC) by President-elect Joe Biden in the coming days, said two sources close to the case. Reuters news agency Tuesday.
Gensler served as Chairman of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014 and, since November, has been leading Biden’s transition planning for financial sector oversight.
Gensler did not respond to a Reuters request for comment.
A spokesperson for Biden did not immediately respond to a Reuters request for comment.
Gensler’s appointment as the nation’s leading securities regulator likely signifies a four-year reversal of the relaxation of rules that Wall Street banks, brokers, funds and state-owned companies have benefited from under the president. from the SEC of President Donald Trump, Jay Clayton.
At the CFTC, Gensler implemented new congressionally mandated swap trading rules in the wake of the 2007-2009 financial crisis, developing a reputation as an uncompromising trader who isn’t afraid to rub feathers.
A former Goldman Sachs banker and professor at the MIT Sloan School of Management, Gensler has also overseen lawsuits against major investment banks for rigging the London Interbank Offered Rate (LIBOR), the benchmark for trillions of dollars in loans in the world.