WASHINGTON (Reuters) – Gary Gensler, a leading financial regulator under the Obama administration, is expected to be named chairman of the U.S. Securities and Exchange Commission (SEC) by President-elect Joe Biden in the coming days. on Tuesday.
Gensler was chairman of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014 and has been leading Biden’s transition planning for overseeing the financial industry since November.
Gensler did not respond to a request for comment.
A Biden spokesman did not immediately respond to a request for comment.
The appointment of Gensler as the country’s leading security regulator is likely to mark a four-year reversal of the mitigation enjoyed by Wall Street banks, brokers, funds and public companies under President Donald Trump’s SEC President Jay Clayton.
At the CFTC, Gensler implemented new swaps trading rules mandated by Congress after the 2007-2009 financial crisis, and he developed a reputation as a hard-nosed operator who is not afraid of feathers.
Gensler, a former Goldman Sachs banker and a professor at the MIT Sloan School of Management, also oversaw the prosecution of major investment banks for the Libor fraud, the measure of trillions of dollars in loans worldwide.
Written by Michelle Price, edited by Rosalba O’Brien and Howard Goller