WASHINGTON – Gary Gensler, chairman of President Biden to chair the Securities and Exchange Commission, on Tuesday faced calls from senators to address issues ranging from climate change to GameStop Corp.’s business frenzy.
The Progressives, who supported Mr Gensler’s nomination, expect the veteran regulator to use the oversight of the SEC on Wall Street and public companies as a lever to move forward on overall domestic policy goals.
Republicans, however, have criticized his aggressive stance against banks and other powerful interests while serving as chairman of the Commodity Futures Trading Commission from 2009 to 2014.
He stated at a candidacy hearing before the Senate Banking Committee alongside Rohit Chopra, Mr Biden’s choice to head the Office of Consumer Financial Protection.
The SEC is studying the GameStop episode and raising the need for greater transparency around the practice of short-term selling, a common way to bet on lowering the share price. Gensler did not address the situation in the testimonies prepared for delivery to the Banking Committee.