Biden Poised to Pick Wall Street Critic Gary Gensler to Lead SEC
- Ex-CFTC chairman would be securities industry’s top regulator
- Gensler often sparred with financial firms while running CFTC
Photographer: Andrew Harrer/Bloomberg
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Gary Gensler is President-elect Joe Biden’s likely pick to lead the Securities and Exchange Commission, according to two people familiar with the matter, a move that would put a former regulator who is known for sparring with financial executives atop Wall Street’s main overseer.
Gensler, 63, ran the Commodity Futures Trading Commission during the Obama administration, a post where he was the driving force behind the government’s new oversight regime of the massive over-the-counter swaps market. The role put him in frequent combat with banks, which resisted his push to bring transparency and guardrails to a corner of finance that helped ignite the 2008 credit crunch.