Biden’s Candidate for SEC Chairman Is Expected to Be Tough on Companies



Mark Maurer | WSJ

Gary Gensler, President Biden’s pick to run the Securities and Exchange Commission, is expected to seek higher fines and new disclosure requirements for public companies, lawyers and former regulators say.

Mr. Biden nominated Mr. Gensler earlier this month to head the agency that oversees U.S. securities markets, succeeding Jay Clayton. The Senate needs to confirm his choice for it to take effect, a process for which there is still no confirmed timeline. Last week, Mr. Biden named SEC Commissioner Allison Herren Lee to serve as acting chairwoman in the interim.

Mr. Gensler headed the U.S. Commodity Futures Trading Commission from 2009 to 2014, at which time he spearheaded the creation of a new regulatory framework for derivatives. Prior to running the CFTC, he had spent 18 years at Goldman Sachs Group Inc., where he rose to co-head of finance, and later served in the Treasury Department during the Clinton administration.

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