Yesterday, the Senate, in a vote largely along party lines, approved the nomination of Gary Gensler to be the new chair of the Securities and Exchange Commission (SEC). Gensler, a former Goldman Sachs executive who also ran the Commodities Futures Trading Commission during the Obama administration, is expected to lead the SEC in a different direction from that of former chair Jay Clayton.
Gensler’s appointment as the chair of the SEC breaks the 2-2 deadlock that resulted when Clayton stepped down following the presidential election in 2020. Somewhat interestingly, Gensler’s appointment was approved only for the remaining portion of Clayton’s term – which ends June 5, 2021, though under existing rules, he may remain in the position without further Senate approval for up to 18 months following the end of that term. I don’t believe this signals that Gensler’s term will be a short one though, as the Senate has already calendared a vote on his appointment through June 5, 2026, and the Senate Banking Committee has approved him serving through that date also.Continue Reading Gary Gensler Will Be New Securities and Exchange Commission Chair