All about Gary Gensler, the new SEC president chosen by Biden
Gary Gensler will chair the Securities and Exchange Commission by decision of Biden. Already in Goldman Sachs, Gensler was then close to Obama. Facts, comments and insights
The US president-elect has placed a former regulator known for fighting with financial executives (and before that, former banker) as Wall Street's chief supervisor.
Joe Biden has chosen Gary Gensler as chairman of the Securities and Exchange Commission (SEC), the federal body in charge of stock exchange supervision (similar to the Italian Consob), announced the team of the elected president .
Gensler is currently a lecturer at MIT's Sloan School of Management.
But first, Gensler was a partner of Goldman Sachs, the well-known US investment bank, where he worked for 18 years before joining the Treasury Department in 1997.
Appointed by President Obama in 2008 as chairman of the Commodity Futures Trading Commission (Cftc), he has earned a reputation as an aggressive regulator and adversary of Wall Street.
At Cftc, Gensler helped write the 2010 Dodd-Frank Act and regulate the derivatives market.
As Bloomberg pointed out, his aggressive agenda has made him the number 1 opponent of the financial sector in Washington. It was a tremendous turnaround for former Goldman Sachs partner, who many Democrats feared would be too deferential on Wall Street when President Barack Obama cast him for the Cftc in 2008.
Power will shift from Wall Street to Washington over the next four years, Axios writes. "This is the message sent by President-elect Biden, with his appointment of Wall Street enemy Gary Gensler as the new head of the SEC."
All the details.
WHO IS GARY GENSLER, NEW PRESIDENT OF THE SEC
Gary Gensler will succeed Jay Clayton at the top of the Sec.
He is currently a professor at MIT's Sloan School of Management, where he teaches courses in financial technology and cryptocurrencies.
Previously, he worked at Goldman Sachs, was a government executive (in business and finance), and campaign adviser to Barack Obama and Hillary Clinton.
CHIEF FINANCIAL OFFICER FOR CLINTON
In 2016, Gensler served as chief financial officer for Hillary Clinton's 2016 presidential campaign.
HEAD OF THE COMMODITY FUTURES TRADING COMMISSION
From 2009 to 2014 Gensler was at the helm of the Commodity Futures Trading Commission, appointed by then President Barack Obama. Here he has earned a reputation for being uncompromising in regulation.
Gensler led the review of derivatives markets (following the 2008 financial crisis) prescribed by the Dodd-Frank Act of 2010 and oversaw counter actions against investment banks accused of manipulating benchmark interest rates.
SURPRISING TURN FOR THE FORMER GOLDMAN SACHS
As the US media points out, it was a surprising turnaround for the former Goldman executive who had previously resisted calls for further derivatives regulations when serving in the Treasury Department under President Clinton.
THE PAST MILLIONAIRE AT THE GOLDMAN
Indeed, as Bloomberg recalls, early in his career, Gensler earned millions of dollars at the US investment bank. But in 1997 he left Goldman Sachs to join the Clinton administration, where he worked in the Treasury Department under the leadership of Secretary Lawrence Summers.
"If that curriculum once made Liberal Democrats nervous, the work done at the Cftc has largely won them over," Bloomberg writes.
THE NEW APPOINTMENT TO SEC
Gensler's appointment will therefore meet the favor of the Liberal Democrats who hailed former regulator Gensler's tough approach to the derivatives market during the Obama administration.
According to the Washington Post, Gensler should support aggressive regulation on financial institutions and corporations, which will please liberals and progressives in Washington. But it will likely generate resistance from the big banks.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/tutto-su-gary-gensler-nuovo-presidente-sec-scelto-da-biden/ on Mon, 18 Jan 2021 15:35:09 +0000.