Investing.com investing.com 12 Jan, 2021 23:00 am

Biden to name Gary Gensler as U.S. SEC chair, sources say By Reuters

Biden to name Gary Gensler as U.S. SEC chair, sources say By Reuters
Biden to name Gary Gensler as U.S. SEC chair, sources say

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.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 Wall Street lawyer, the incumbent Clayton was criticized by Democrats for his extensive ties to many companies he was tasked with overseeing and for leading an ambitious agenda to reverse a 20-year decline in U.

Gensler is expected to take a tough line on enforcement, and to pursue rules that address Democratic policy priorities on such issues as climate change and social justice.In particular, policy experts expect Gensler will pursue new corporate disclosures on climate change related-risks, political spending, and the composition and treatment of their workforces.

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