Biden to Pick ex-CFTC Chief as New SEC Chairman

Biden to Pick ex-CFTC Chief as New SEC Chairman

Rumors surrounding the new chairman of the Securities and Exchange Commission (SEC) have landed on Gary Gensler, former CFTC chief,  as the best candidate for the job. Gensler is on top of Joe Biden’s list of candidates, and the president-elect will make his choice once he names his attorney general. This will happen once Biden takes over as president on 20th January.

Gensler is currently in charge of Joe Biden’s transition review team, which, among many things, covers also the SEC choice of leader. Alongside Genslerm the commission includes political appointees, tied to two Democratic and Republican commissioners, whose main duties are to tackle key transitory issues.

Put in charge of the CFTC all the way back in 2019, Gary Gensler, former banker at Goldman Sachs and MIT Sloan School of Management professor, seems like the best choice for the job. As past chief of the CFTC Gensler was part of a team that successfully enforced legal actions against unregulated Wall Street banking operations, sanctioning close to $10 billion. Most notably, Gensler, during his CFTC times, worked closely with the Obama administration and the US Congress in reforming the financial derivatives markets that were at the heart of the 2008 financial crisis.

Wall Street is already in high alert mode, expecting the decision of the president-elect to shake up the NY based financial district which saw a period of deregulation during the Trump presidency.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
USA5/5$250 Click for a special offerWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
UK, Australia4.85/5$50 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *