WASHINGTON (Reuters) – Gary Gensler, a leading financial regulator in 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. report two sources familiar with the matter. on Tuesday.
Gensler was chairman of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014 and, since November, has led Biden’s transition planning for oversight of the financial industry.
Gensler did not respond to any requests for comment.
A Biden spokesman did not immediately respond to a request for comment.
The appointment of Gensler as the country’s top securities regulator is likely to mean a four-year reversal of regulation that Wall Street banks, brokers, funds and public companies have enjoyed under President Donald Trump’s SEC presidency Jay Clayton .
At the CFTC, Gensler implemented new rules for negotiating mandatory swaps for Congress after the 2007-2009 financial crisis, developing a reputation as a tough kid operator, without fear of wrapped feathers.
A former Goldman Sachs banker and professor at the MIT Sloan School of Management, Gensler also oversaw the pursuit of large investment banks to match Libor, the trillion-dollar benchmark in lending worldwide.
Written by Michelle Price, edited by Rosalba O’Brien and Howard Goller