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.