The last time a Democrat was president, Wall Street did not particularly care for the attention it got from the Commodity Futures Trading Commission. Well, it could have been worse, if the guy causing them all of that trouble, Gary Gensler, had gotten the promotion he wanted, to run the Securities and Exchange Commission.

Speaking of which, has Gary Gensler decided who’s going to run the SEC? It seems he has.

Gary Gensler will be named chair of the U.S. Securities and Exchange Commission (SEC) by President-elect Joe Biden, said two sources familiar with the matter…. Policy experts expect Gensler will pursue new corporate disclosures on climate change related-risks, political spending, and the composition and treatment of their workforces. Democrats also are keen to reverse new investment advice protections which they say do more harm than good, to restore some shareholder rights, and complete post-crisis executive compensation curbs.

The only thing that could make this any worse (well, the only thing other than Preet Bharara getting the nod over Gensler) would be if Jay Clayton’s putting all of the hard work of gutting the Deep State off to the last second were now poised to blow up in Wall Street’s face.

“The good news is that much of that action came late enough in his tenure that it may still be possible to reverse course,” said Barbara Roper, investor protection director for the Consumer Federation of America.

And the other good news is that the formerly technophobe Gensler has gotten up to speed on things should any hackers try any more funny stuff with the SEC. Which they will.

Biden to name Gary Gensler as U.S. SEC chair, sources say [Reuters]


By US government [Public domain], via Wikimedia Commons

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