The SEC is expected to soon release a report on what happened and is separately investigating for signs of market manipulation. January’s frenzied trading of GameStop and other stocks will probably play a prominent role in Gensler’s agenda. The division means he’s certain to face stiff pushback from GOP lawmakers as he moves to implement parts of his agenda at the agency.įrom Goldman to SEC: Gensler’s Next Stop Worries Wall StreetĮarly flashpoints could emerge if Gensler makes good on his promises to review whether firms like Robinhood have inappropriately made trading resemble video games and the controversial practice of brokers selling customer orders to Citadel Securities and other market-makers. Gensler garnered the support of a few Republican senators, including Susan Collins of Maine, but he was largely confirmed along party lines. Gensler will bring the SEC’s focus back to the people who make this country work and push to ensure that markets are a way for families to save and invest for their kids’ education, a down payment on a home, and for a secure retirement - not a game for hedge fund managers where workers always lose,” Brown said in a statement following Wednesday’s vote. Sherrod Brown, an Ohio Democrat who leads the Senate Banking Committee, said he expects Gensler to focus the agency on protecting retail investors. Senators asked his views on Bitcoin, popular trading apps like the one operated by Robinhood Markets, whether public companies are adequately disclosing the business risks of climate change, and the inner workings of the stock market.
Issues that lawmakers expect Gensler to tackle were on display during his March 2 confirmation hearing. Still, powerful trade groups - including the Securities Industry and Financial Markets Association, Investment Company Institute, American Securities Association, Managed Funds Association and Investment Adviser Association - wished him well and pledged to work together. It’s widely expected that he will clash with corners of the financial industry as he pivots from the policies put in place by Jay Clayton, who led the regulator for most of the Trump administration.
Gensler confirmed scrutiny top wall street full#
The SEC will be back to full strength with five members when Gensler is sworn in, putting Democrats in the majority. In a joint statement following his confirmation, the agency’s four current commissioners welcomed him aboard. partner early in his career.Īt the SEC, he’ll lead a sprawling bureaucracy where most employees have been working from home for more than a year because of the pandemic. He’s also well-versed in the ways of industry, having been one of the youngest people to become a Goldman Sachs Group Inc. He ran the Commodity Futures Trading Commission during the Obama administration, imposing new rules on derivatives that were blamed for exacerbating the 2008 financial crisis. The role of market watchdog is a familiar one for Gensler, 63. As chairman, he’ll also face intense pressure from progressive Democrats, who want him to promptly toughen oversight that was weakened during the Trump administration. trading frenzy to the deluge of special purpose acquisition companies and the collapse of Archegos Capital Management. Gensler, whose nomination was approved Wednesday in a 53-to-45 vote, is poised to confront everything from the fallout of the GameStop Corp. Senate cleared Gary Gensler to lead the Securities and Exchange Commission, allowing President Joe Biden’s choice for Wall Street’s top sheriff to take over the regulator as it faces myriad market threats.
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