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“Finance best serves the economy when markets operate according to common sense rules of the road,” Gensler said in 2013 before leaving the agency.
Gensler, now a professor at the Massachusetts Institute of Technology, led the Biden transition review of financial regulatory agencies, including the SEC and the Federal Reserve. He previously served in President Bill Clinton’s Treasury Department and as Chief Financial Officer for Hillary Clinton’s 2016 presidential campaign.
When he led the CFTC under President Barack Obama, Gensler spearheaded efforts to impose a mountain of rules on the market for financial derivatives called swaps, which fueled the 2008 banking crisis since they were traded without regulation. His initial appointment to the CFTC was challenged by progressives such as Sen. Bernie Sanders (I-Vt.), But he left as one of the most important government regulators after the crisis.
If selected, Gensler would take the helm of a much larger agency that has an even greater influence on the economy through its regulation of the stock market and private securities. The SEC has taken a broadly pro-business stance under the Trump administration, and Democrats plan to press the independent agency to draft a number of new rules, including mandatory disclosure of climate risks in businesses. companies and potentially the disclosure of political spending.
Gensler did not immediately respond to a request for comment. Transition Biden declined to comment.
On Tuesday, Sen. Sherrod Brown of Ohio, the Democrat who will lead SEC oversight as chairman of the banking committee, said he spoke to potential SEC candidates for Biden. Under Biden, Brown said he expected there to be a “more pro-consumer attitude” and a “more adversarial” approach on Wall Street in financial regulatory agencies.
Kellie Mejdrich contributed to this report.
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