From Goldman to SEC: Gensler’s Next Stop Worries Wall Street
- Biden’s likely pick for SEC chair is a progressive favorite
- Executives may face stiffer enforcement, fines for wrongdoing
The tale of Gary Gensler’s transformation has always been remarkable. He went from being one of the youngest partners in the history of Goldman Sachs Group Inc. to becoming a favorite of progressive Democrats as a financial regulator during the Obama administration. Now, it’s about to add another chapter and Wall Street is very worried.
President-elect Joe Biden is expected to pick Gensler, 63, to head the U.S. Securities and Exchange Commission, the nation’s top markets watchdog. Corporate executives are already bracing for him to steer a sharp turn from the more laissez-faire approach taken by the agency during the Trump administration. Progressives’ expectations are sky high for the same reason. He’s best known for winning bruising battles with financial titans when he led the nation’s top derivatives regulator following the 2008 financial meltdown.