US SEC chair Gensler to step down upon Trump takeover
Al Jazeera
Known for his hard-charging style, Gary Gensler led an ambitious agenda to boost transparency, reduce systemic risks, and stamp out conflicts of interest on Wall Street.
United States Securities and Exchange Commission Chair Gary Gensler will step down on January 20 when US President-elect Donald Trump’s administration takes over, the agency has said, ending an ambitious tenure that saw Gensler clash with Wall Street and the crypto industry.
“I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor,” Gensler, who was nominated by Democratic President Joe Biden in 2021, said in a statement on Thursday.
Known for his hard-charging style, Gensler led an ambitious agenda to boost transparency, reduce systemic risks, and stamp out conflicts of interest on Wall Street, implementing dozens of new rules, some of which have been challenged in court.
Among his major accomplishments were changes to boost the resilience and efficiency of US markets, including speeding up trade settlements and overhauling the $28 trillion US Treasuries market, as well as a number of rules boosting investor disclosures and corporate governance.
The Baltimore native also successfully implemented rules mandated by Congress imposing SEC oversight on auditors of US-listed Chinese companies, ending a decade-long tussle with Beijing that lawmakers said had put US investors at risk.
