Biden taps Gensler to work on Wall Street oversight review
Democratic presidential candidate Joe Biden, who appeared to be closing in on an election victory, has tapped former derivatives market regulator Gary Gensler to work on a transition plan for financial industry oversight, according to a person with direct knowledge of the matter. Gensler, who served as chair of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014, will work with a team of policy experts focused on banking and markets regulators, such as the CFTC, Federal Reserve and the Securities and Exchange Commission, as part of the usual agency review process undertaken by an incoming administrations, the person said. Gensler did not immediately respond to a request for comment on Friday evening. A spokesperson for Biden’s transition team declined to comment. The decision to appoint Gensler was likely to please many Democrats who applauded his tough stance on Wall Street under former President Barack Obama.
As CFTC chair, he led creation of key swaps rules mandated by Congress following the 2007-2009 financial crisis, developing a reputation as a hard-headed operator who was not afraid to ruffle feathers. His efforts put the CFTC well ahead on the implementation of the 2010 Dodd-Frank reform law. Other regulators are still implementing the law’s rules a decade later. A former Goldman Sachs banker and currently a professor at MIT Sloan School of Management, Gensler also oversaw the prosecution of big investment banks for rigging Libor, the benchmark for trillions of dollars in lending worldwide. Biden’s team has also tapped KeyBank NA executive Don Graves to work on a broader economic agency review, the same person said. Graves could not immediately be reached for comment but on his LinkedIn page describes himself as a counselor to Biden. Before joining KeyBank in 2017, Graves worked in the Obama administration Biden’s director of domestic and economic policy. Before that he was executive director of Obama’s jobs council, according to his LinkedIn.
https://www.reuters.com/article/usa-election-biden-wallstreet/update-1-biden-taps-gensler-to-work-on-wall-street-oversight-review-source-idUSL1N2HT00Q
Gensler did not do shit and was responsible for keeping the current effed up system at the CFTC going-a total fucking clown who wouldn't know enforcement if it kicked him in his balls.
See all the manipulative trading at the CFTC via COMEX and this guy watched it all and did NOTHING
Bidness as usual for Wall Street with this one