The past few months have given us a lot of change. From election season to the end of year craziness, businesses have been focused on staying ahead of the new landscape set to befall us over the next four years. From analyzing the tax proposals and hopes of the Biden Administration to looking at the people that President Biden is putting atop regulatory bodies, the next few weeks will provide a taste of things to come.
From expected Fed Chair Janet Yellon to the projected new head of the SEC, regulatory leaders will provide guidance for businesses. So who is Gary Gensler and what can companies expect from this man’s body of work? We dive into both questions in today’s article.
Biden to Name Gary Gensler as SEC Chairman
According to CFO, President Joe Biden will reportedly name former commodities regulator Gary Gensler to head the U.S. Securities and Exchange Commission, an appointment that could mean a shift toward tougher regulation of Wall Street.
A former Goldman Sachs banker who has spent years on the regulatory side as the head of the Commodity Futures Trading Commission from 2009 to 2014, Gensler’s presumable appointment will likely mean stricter regulations for publicly traded companies.
At the CFTC, Gensler created a regulatory framework for derivatives and oversaw enforcement actions against investment banks accused of manipulating the benchmark London Interbank Offered Rate, developing a reputation for being willing to stand up to powerful Wall Street interests.
As head of the Commodity Futures Trading Commission from 2009 to 2014, Mr. Gensler developed a reputation among his colleagues for bare-knuckle tactics as he drove to create a regulatory framework for derivatives, a multi-trillion dollar market that had largely been free from federal oversight. By the time he left the commission, the rule set was largely complete, years before other regulators wrapped up their postcrisis work.
Gensler looks to fit into the larger Biden agenda, focusing on increased disclosure requirements on climate change related-risks, political spending, and the composition and treatment of their workforces.
While Mr. Gensler’s candidacy to lead the SEC has been strongly supported by progressives, some worried that he could face an uphill battle to confirmation if the Senate remained under Republican control. Others in the Democratic Party had hoped President Biden would pick a woman or a minority candidate to promote diversity in a sector that remains dominated by white men.
Keep up with All the Latest from the Controllers Council
The next few months and weeks will mark a large shift from the past four years. For better or for worse, the changes on the horizon are something that businesses will need to address, and if you’re looking for all the latest, look no further than the Controllers Council.
As the leading body of controller-focused content and insights, we’re working diligently to keep up with all the latest updates as the Biden Administration takes hold in 2021, and look to keep you posted as things change. Stay tuned for whatever is on the horizon and be sure to join the Controllers Council for a place to discuss all things controllership.