Gary Gensler is now head of the SEC. What comes next?
Kollen Post, 19 April 2021
As The Block reported last week, Gary Gensler is now chairman of the U.S. Securities and Exchange Commission after being sworn into office.
Now at the helm of the agency that governs trading at the largest stock markets in the world, Gensler will obviously play a key role in the Biden administration’s oversight of the U.S. financial services sector. His ascent to office comes during what might be called a period of heightened scrutiny, a state of affairs that came in the wake of controversy over the GameStop stock craze and the role of platforms like Robinhood and firms such as Citadel Securities, which play significant yet publicly invisible roles in the proverbial engine room of Wall Street. As Congress scrutinizing activities like naked short selling and payment for order flow, Gensler’s agency comes into view — particularly as the Biden administration seeks to take a potentially different tack compared to the Trump years. Continue reading “Article: Gary Gensler is now head of the SEC. What comes next?”
Franklin D. Roosevelt was president when the Securities Exchange Commission was created in 1934. The function of the SEC was to regulate the buying and selling of securities, and to reform the stock exchanges. Its Holy Grail was to protect investors.
ZURICH (Reuters) – The Swiss National Bank (SNB) said on Friday it remained ready to intervene in foreign exchange markets, after the U.S. Treasury Department dropped its currency manipulator label for the country even though it met criteria for the designation.
Treasury Secretary Janet Yellen will decline to name China as a currency manipulator in her first semiannual foreign-exchange report, according to people familiar with the matter, a move that allows the U.S. to sidestep a fresh clash with Beijing.
Being “tough on China” is politically popular in Washington these days, and Biden has come out of the gate swinging against Beijing. But “being tough” isn’t a policy and reflexively applying it to China doesn’t serve U.S. interests. A logical and realistic approach to Beijing, however, can.
President Biden has come under fire by House Republicans for ‘hypocritically’ using an IRS loophole to avoid paying taxes on $13 million in income for tax years 2017 and 2018, while slamming wealthy Americans for using similar schemes to minimize their tax burden, according to Fox News.
Five ways Biden could crack down on dirty money and financial secrecy
A former federal prosecutor, Glenn Kirschner, has launched a campaign to force “every business in America” to take a pledge that states, in part, that “The 2020 presidential election was free and fair, and produced accurate, reliable results.”
Gary Gensler (born October 18, 1957) is an American academic, former investment banker, and former government official. Gensler leads the Biden–Harris transition’s Federal Reserve, Banking and Securities Regulators agency review team. He is also a professor at the MIT Sloan School of Management.