New York [US], November 23: U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler will step down as Wall Street's top regulator at the very end of the Joe Biden administration, he announced on Thursday.
"Gensler has been coy about when he planned to leave the SEC but was expected to depart before President-elect Donald Trump is sworn into office. He will serve through noon on January 20, when Trump is set to become president," reported The Wall Street Journal about the move.
"Gensler's decision to remain until the very end of the Biden administration probably disappoints some Republicans who wanted to see him leave sooner. It means he could try to push through some additional measures since Democrats will retain a majority on the five-member SEC as long as he stays," it noted.
Gensler presided over a hyperactive period in SEC rulemaking. Wall Street groups challenged many of the regulations he pushed through including a rule that would have imposed new transparency requirements on private equity managers. A court also rejected a regulation that Gensler backed that tried to overhaul how companies do stock buybacks.
Gensler previously worked for Goldman Sachs and has led the Biden-Harris transition's Federal Reserve, Banking, and Securities Regulators agency review team. Prior to his appointment, he was professor of Practice of Global Economics and Management at the Sloan School of Management at Massachusetts Institute of Technology.
Source: Xinhua News Agency