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Wednesday, January 13, 2021|
Biden Finds Clayton's Successor
A top regulator under President Obama may soon take over the U.S. Securities and Exchange Commission.
SEC commissioner Elad Roisman took over last month as acting chairman after the departure of chairman Jay Clayton.
Back in the Obama administration, when Biden was Vice President, Gensler led the Commodity Futures Trading Commission (CFTC). Under him, the CFTC rescinded a rule exempting SEC-registered mutual funds using futures and other commodities-tied investing products from also registering with the CTFC, a move for which trade groups sued the CFTC. Gensler also received one of columnist Chuck Jaffe's lump of coal awards and was rumored to be a contender for Treasury Secretary.
An alumnus twice over of the University of Pennsylvania's Wharton School and a Baltimore native, Gensler spent 18 years at Goldman Sachs before entering the public sector, becoming Assistant Secretary of the Treasury during the Clinton administration. Later, he was a Senate staffer who helped write Sarbanes-Oxley and then was picked by Obama to lead the CFTC.
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