Reaction: Gary Gensler Confirmed as SEC Chairman

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Shanny Basar
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Gary Gensler, former chair of the Commodity Futures Trading Commission, was confirmed by the US Senate as chair of the Securities and Exchange Commission.

Morningstar said: “In 2020, the SEC took steps to advance both investor choice and investor protection. Now, the new SEC chair will have to determine if the former has gone too far in hindering the latter.”

The asset manager research provider also highlighted leveraged exchange-traded funds as an area of possible review.

Prior to his nomination Gensler was a professor of the practice of Global Economics and Management at MIT Sloan School of Management and co-director of MIT’s Fintech@CSAIL, which collaborates with industry and also senior advisor to the MIT digital currency initiative, researching artificial intelligence, blockchain technology, and new financial technologies.

Lisa Woll, CEO of US SIF: The Forum for Sustainable and Responsible Investment shared the following statement:

“We welcome and congratulate Mr. Gensler on his confirmation to chair the SEC. Mr. Gensler is joining the SEC at a moment when interest in sustainable investment has never been stronger and when numerous countries are rolling out sustainable finance plans.  

Mr. Gensler has a unique opportunity to remove roadblocks put in place by the SEC in 2020 including changes in the shareholder resolution process and the use of proxy advisors.  He will have an opportunity to move forward climate change and broad ESG disclosure and to hire staff with expertise in sustainable finance.  We look forward to working with him and to continue working with the SEC Commissioners.

We also want to recognize and thank Commissioner Allison Lee for her strong leadership as acting-Chair during the transition period, including the appointment of the first Senior Advisor for Climate and ESG.”

Source: US SIF

Managed Funds Association President and CEO Bryan Corbett today released the following statement on the U.S. Senate’s confirmation of Gary Gensler as Chairman of the U.S. Securities and Exchange Commission:

“MFA congratulates Gary Gensler on his Senate confirmation today as Chairman of the SEC. We look forward to working closely with Mr. Gensler to move forward our shared goal of efficient, transparent, and fair capital markets. As the former Chair of the Commodity Futures Trading Commission (CFTC), Mr. Gensler has experience implementing policies that reduce systemic risk and promote efficiency in the markets. Our members look forward to working with Mr. Gensler on a host of opportunities that exist before regulators to strengthen the U.S. economy and solidify our markets as the envy of the world.”

Source: MFA

FIA President and CEO Walt Lukken made the following statement after the US Senate voted to confirm Gary Gensler as Chairman of the Securities and Exchange Commission (SEC):

“FIA congratulates Gary Gensler on his confirmation to lead the SEC in the Biden Administration. Chairman Gensler is an experienced regulator who will bring a wealth of knowledge to a challenging set of issues before the SEC and the financial industry. FIA looks forward to working with Chairman Gensler and his fellow commissioners to support transparent, competitive and soundly regulated financial markets.”

Source: FIA

SIFMA released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the Senate confirmation of Gary Gensler as Chairman of the U.S. Securities and Exchange Commission (SEC):

We congratulate Gary Gensler on his confirmation as Chairman of the Securities and Exchange Commission. Chairman Gensler brings to the Commission an outstanding record of public service, deep expertise in the functioning of our capital markets, and consistent advocacy for the interests of investors. We look forward to working with Chairman Gensler to advance our shared mission of protecting investors and ensuring market integrity.

Source: SIFMA

Robert W. Cook, FINRA President and CEO:

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