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WASHINGTON – President-elect Joe Biden is expected to choose Gary Gensler, a former financial regulator and executive at Goldman Sachs Group Inc., to head the Securities and Exchange Commission, according to people familiar with the decision.
Mr Gensler’s appointment would appeal to Liberal Democrats who applauded the former regulator’s tough approach to rule-making under the Obama administration, when he led the Dodd-mandated overhaul of derivatives markets -Frank of 2010 and oversaw enforcement action against investment banks accused of manipulating benchmark interest rates.
The choice of Mr Gensler, who declined to comment, was not final and could still change, people said.
As head of the Commodity Futures Trading Commission from 2009 to 2014, Mr. Gensler developed a reputation among his colleagues for his point-blank tactics as he sought to create a regulatory framework for federal oversight. By the time he left the commission, the rule set was largely complete, years before other regulators completed their post-crisis work.
It was a surprising turning point for the former Goldman executive who previously resisted calls for additional derivatives regulation while serving in the Treasury Department under President Clinton. The decision not to tightly regulate derivatives in the 1990s was accused of contributing to the financial crisis a decade later.
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