WASHINGTON (Reuters) – Gary Gensler will be named chair of the U.S. Securities and Exchange Commission (SEC) by President-elect Joe Biden, said two sources familiar with the matter, an appointment likely to prompt concern among Wall Street firms of tougher regulation.
Gensler was chair of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014, and since November has led Biden’s transition planning for financial industry oversight.
His appointment as the country’s top securities regulator is expected to put an end to the four years of rule-easing that Wall Street banks, brokers, funds and public companies have enjoyed under President Donald Trump’s SEC chair Jay Clayton.
At the CFTC, Gensler implemented dramatic new swaps trading rules mandated by Congress following the 2007-2009 financial crisis, developing a reputation as a hard-nosed operator willing to stand up to powerful Wall Street interests.
A former Goldman Sachs banker and a professor at MIT Sloan School of Management, Gensler also oversaw the prosecution of big investment banks for rigging Libor, the benchmark for trillions of dollars in lending worldwide.
Gensler did not respond to a request for comment. A spokesperson for Biden did not immediately respond to a similar request.
