Biden Pick for SEC Chair Signals Tougher Regulation
Biden Pick for SEC Chair Signals Tougher Regulation
Multiple news outlets are reporting that Biden will pick Gary Gensler to be the next chairman of the Securities Exchange Commission (SEC). A former chairman of the Commodity Futures Trading Commission (CFTC), Gensler has a reputation as a tough regulator willing to stand up to powerful special interests.
While at the CFTC, Gensler was charged with implementing the Dodd-Frank Act of 2010 and instituted a slew of new rules designed to prevent the reckless trading of swaps that were a significant contributing factor causing the 2008 financial crisis.
Gensler is expected to reverse the trend of relaxed regulation under the Trump administration by instituting more robust industry disclosure requirements and strengthening investor rights. The SEC under Gensler may prioritize the disclosure of risks posed by climate change, promote boardroom diversity, and crack down on companies who retaliate against whistleblowers.
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