WASHINGTON (Reuters) – Gary Gensler, a leading financial regulator under the Obama administration, is expected to be appointed chair of the U.S. Securities and Exchange Commission (SEC) by President-elect Joe Biden in the coming days, two sources say. with the case. on Tuesday.
Gensler chaired the Commodity Futures Trading Commission (CFTC) from 2009 to 2014 and has led Biden’s transition planning for financial sector oversight since November.
Gensler did not respond to a request for comment.
A spokesperson for Biden did not immediately respond to a request for comment.
Gensler’s nomination as the country’s chief securities regulator likely marks a four-year reversal of the relaxation of the rules that Wall Street banks, brokers, funds and public companies enjoyed under President Donald Trump’s SEC Chairman Jay Clayton.
At the CFTC, Gensler has implemented new bartering rules imposed by Congress following the 2007-2009 financial crisis, which has earned him a reputation as a stubborn operator unafraid of ruffles.
Gensler, a former Goldman Sachs banker and professor at MIT Sloan School of Management, also oversaw the prosecution of major investment banks for manipulating Libor, the measure of trillions of dollars in loans worldwide.
Written by Michelle Price, published by Rosalba O’Brien and Howard Goller