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President-Elect Joe Biden Taps Gary Gensler as Next SEC Chairman

Regulators	589 VIEWS
Regulators
589 VIEWS

Tuesday, January 19, 2021 / 8:19AM / Our Correspondent for WebTV / Header Image Credit: New York Post

Mr. Gary Gensler the 11^th Chairman of the Commodities Futures Trading Commission during the administration of President Barack Obama (2009 to 2014), has been tapped by President-Elect, Senator Joe Biden, to be the next Chairman of the Securities and Exchange Commission, (SEC).

Born October 18, 1957 Gensler is a Professor at MIT Sloan School of Management and served as Chairman of the Biden-Harris transition review team on Federal Reserve, Banking and Securities Regulations.

He was the Under Secretary of the Treasury for Domestic Finance (1999-2001), and the Assistant Secretary of the Treasury for the Financial Markets(1997-1999). Before his public service career, Gensler worked at Goldman Sachs for 18 years. Gensler was credited for his remarkable transformation of the Commodities and Futures Trading Commission .

He has been described over the years as one of the leading reformers after the global financial crisis of 2009. The academic and financial market expert was instrumental to the passage of the Commodities Futures Modernization Act, which exempted over-the-counter derivatives from regulation.

He would take over from Mr Jay Clayton who concluded his tenure as Chairman of the US SEC in December, 2020.

Mr. Gensler will be saddled with the responsibility of ensuring effective regulation of the American capital market ensuring transparency and accountability.