Gensler Confirmed as Top Wall Street Cop, Bringing New Era of Tough Scrutiny
Wednesday April 14, 2021. 08:41 PM , from Slashdot
The Senate on Wednesday confirmed Gary Gensler to lead the Securities and Exchange Commission, putting in place a battle-tested Wall Street watchdog at a moment when Democrats are looking to rein in financial market risk. From a report: The Senate confirmed Gensler in a 53-45 vote. The MIT professor and former Goldman Sachs partner is returning to government after serving as a top regulator in the Obama administration, when he cracked down on big bank trading activities that fueled the 2008 global financial crisis. Gensler will lead work on sweeping new federal regulations that would require companies to disclose their contributions and exposure to climate change, which is poised to trigger a huge lobbying fight and is already stirring deep partisan tensions. The effort will be in focus next week when President Joe Biden holds an international climate summit. And following four years of light-touch regulation under Trump, Democrats are urging the SEC to step up oversight of major financial firms after a series of high-profile market snafus this year. In recent days, for example, international banks with operations in the U.S. suffered billions of dollars in losses after a little-known investment fund collapsed and sent shockwaves through the markets.
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