WASHINGTON (Reuters) – Gary Gensler, a top financial regulator in the Obama administration, is expected to be named chairman of the United States Securities and Exchange Commission (SEC) by President-elect Joe Biden in the coming days, two sources familiar with the matter said Tuesday. market.
Gensler was president of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014 and, since November, led Biden’s transition planning for financial sector oversight.
Gensler did not respond to a request for comment.
A spokesman for Biden did not immediately respond to a request for comment.
Gensler’s appointment as the country’s top securities regulator likely signifies a four-year reversal of the loosening of the rules that Wall Street banks, brokers, funds and public companies have enjoyed under President Donald Trump’s SEC chairman Jay Clayton.
At the CFTC, Gensler implemented new swap trading rules demanded by Congress after the 2007-2009 financial crisis, developing a reputation as an obstinate trader, without fear of irritating penalties.
A former Goldman Sachs banker and professor at MIT Sloan School of Management, Gensler also oversaw the accusation of major investment banks for defrauding Libor, the benchmark for trillions of dollars in loans worldwide.
Written by Michelle Price, edited by Rosalba O’Brien and Howard Goller