WASHINGTON (Reuters) -The U.S. Senate voted 53-45 on Wednesday to confirm former derivative markets regulator Gary Gensler as head of the country’s top securities markets regulator, spelling a tougher regulatory regime for Wall Street.
Gensler is expected to be sworn in as U.S. Securities and Exchange Commission (SEC) chairman in the coming days.
A former Goldman Sachs banker and a professor at MIT Sloan School of Management, Gensler most recently led President Joe Biden’s transition plan for financial industry oversight and served under former Democratic President Barack Obama as chair of the Commodity Futures Trading Commission (CFTC).
Wall Street banks, brokers, funds and public companies enjoyed four-years of easier rules and enforcement under former Republican President Donald Trump’s administration, but that ended with Democratic President Joe Biden’s appointment of SEC commissioner Allison Lee as interim chair.
She has wasted no time unraveling https://www.reuters.com/article/us-usa-biden-financial-regulators-analys/analysis-with-quick-fixes-bidens-agencies-reverse-trumps-wall-street-friendly-rules-idUSKBN2BZ16N Trump’s Wall Street-friendly policies using quick-fix legal tactics, including beefing up the agency’s enforcement team and pursuing new corporate disclosure requirements.
Gensler, who developed a reputation as a tough operator willing to stand up to powerful Wall Street interests during his stint at the SEC, is expected to take an equally tough stance.
Last month, he told Congress https://www.reuters.com/article/us-usa-congress-financial-regulators/bidens-sec-nominee-vows-review-of-gamestop-trading-issues-climate-disclosures-idUSKBN2AU136 that he would pursue new regulations for cryptocurrencies, which he said can be a “catalyst for change” but pose investor protection concerns, and would explore new climate and political spending corporate disclosures.
“Gary Gensler has the perfect mix of market expertise, regulatory experience and commitment to the public interest to be an outstanding SEC Chairman,” said Barbara Roper, chief investor advocate at Washington-based Consumer Federation of America.
“He’ll have a long list of pressing issues to address once he is sworn in, but I have no doubt that he will dive into that workload with gusto.”
(Reporting by Katanga JohnsonEditing by Michelle Price, Franklin Paul and Barbara Lewis)