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Former CFTC exec who couldn't spot gold and silver market rigging to head SEC, Reuters says
Exclusive: Biden to Name Gary Gensler as SEC Chair, Sources Say
By Svea Herbst-Bayliss, Katanga Johnson, and Jarrett Renshaw
Tuesday, January 12, 2021
WASHINGTON -- Gary Gensler will be named chair of the U.S. Securities and Exchange Commission by President-elect Joe Biden, said two sources familiar with the matter, an appointment likely to prompt concern among Wall Street firms about tougher regulation.
Gensler was chair of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014 and since November has led Biden's transition planning for financial industry oversight.
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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. ...
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