Biden to name Gary Gensler as US SEC chair

WASHINGTON: Gary Gensler (pictured) will be named chair of the US 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. 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. 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 Goldman Sachs banker and a professor at MIT Sloan School of Management. Progressives are likely to cheer the appointment. — Reuters