[75] On August 27, the SEC launched a review of strategies and practices used by online brokers and investment advisors that promote user engagement with trading gamification. He earned both a BA and MBA from the Wharton School at the University of Pennsylvania. When Gary Gensler came to the Securities and Exchange Commission (SEC), he had the reputation of a regulator who had reformed U.S. law to address novel financial products once before. [77] In response to record stock sales by CEOs and other corporate executives that year,[78] Gensler proposed an agency rule for a mandatory 120-day window for corporate executives who are changing existing or adopting new portfolio managements plans on December 15. [159][160] On June 14, DWAC disclosed that the SEC issued a subpoena for additional company documents and information about the merger. Featuring, in order of appearance: Gary Gensler Executive Produced by Jon Stewart, Brinda Adhikari, James Dixon, Chris McShane, and Richard Plepler. [83][84] On May 12, FTX CEO Sam Bankman-Fried disclosed a Schedule 13D filing with the SEC to buy a 7.6 percent ownership stake in Robinhood Markets. [51], The Economist identified the risks presented by decentralised finance and crypto-assets valued at $2.5 trillion as a challenge for Gensler in 2022, and noted his experience in teaching blockchain technology. Gensler's piece was apparent face-saving from a blistering takedown of his "cryptocurrency confusion" by law professor J.W. He was the Under Secretary of the Treasury for Domestic Finance (19992001), and the Assistant Secretary of the Treasury for Financial Markets (19971999). Gary Gensler, President Joe Biden's nominee to be chairman of the Securities & Exchange Commission, has a net worth of between $41 million and $119 million. Gensler is a runner and has finished nine marathons and one 50-mile ultramarathon. Prior to getting appointed to the SEC, SEC Chair Gary Gensler was a Professor for the Practice of Global Economics & Management at MIT. Gary Gensler resides with his three kids, daughters named Anna, Lee, and Isabel, in Baltimore . [73][74] On August 6, the SEC approved new rules implemented by Nasdaq, Inc. requiring that companies listed on its exchanges to include at least one female member on their boards of directors and at least one racial minority or LGBTQ board member and to require disclosure of statistics measuring the diversity of their board membership. [58] At a conference hosted by The Wall Street Journal on June 14, Gensler expressed concern that the Lummis-Gillibrand bill could inadvertently undermine stock market and mutual fund protections, noted that cryptocurrency companies were already engaging in behaviors overseen by the SEC, and argued that some digital assets are securities necessitating oversight from the SEC rather than commodities (even if the overwhelming majority of tokens offered by cryptocurrency exchanges are commodities). SEC Chair Gary Gensler is under firefrom both sides of the aisle. [224], On June 6, Musk's attorneys disclosed a letter to the SEC accusing Twitter executives of a material breach of contract due to lack of information provided about fake and spam accounts and claimed to reserve Musk's right to terminate the merger agreement (despite Musk waiving due diligence in his offer to buy the company on April 14). U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has advised U.S. Army personnel to refrain from investing in cryptocurrencies, calling digital assets the "Wild West." On Wednesday, January 11, the US military held a Twitter voice chat with SEC Chair Gary Gensler and SEC Commissioner Caroline Crenshaw. Gensler also served as the CFO for the Hillary Clinton 2016 presidential campaign. Prior to his career in the federal government, Gensler worked at Goldman Sachs, where he was a partner and co-head of finance. Following is the unofficial transcript of a CNBC exclusive interview with SEC Chair Gary Gensler on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today, Monday, October 3 rd. [85][86] On June 27, FTX CEO Sam Bankman-Fried stated that no mergers and acquisitions discussions were being held with Robinhood Markets about an acquisition (despite reports of internal discussion to do so and reports of the company approaching at least three stock trading start-ups about acquisitions). [250] During the 2008 presidential campaign cycle, Gensler served as a senior advisor to Hillary Clinton's presidential campaign and later advised the Obama campaign. Gensler served as treasurer of the Maryland Democratic Party for two years,[9] and held several senior roles on the Maryland campaigns of U.S. By the spring of 2010, the momentum in Congress was toward Gensler's vision for derivatives oversight,[13] and Congress passed comprehensive reform as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010. [31] It is used as a reference rate for many financial products, including adjustable rate mortgages, student loans, and car payments. [162][163] On July 19, Amazon.com Inc. filed a lawsuit against more than 10,000 Facebook Group administrators for distributing fake user reviews of Amazon products in violation of Facebook company policies. Gary Gensler, nominated to head the Securities and Exchange Commission, previously ran the Commodity Futures Trading Commission and is a former Goldman Sachs banker. He and Francesca got married in 1986. [13] At 30, Gensler became one of the youngest persons to have made partner at the firm at the time. [36], In November 2020, Gensler was named a volunteer member of the Joe Biden presidential transition Agency Review Team to support transition efforts related to the Federal Reserve, Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Securities and Exchange Commission. [212], On May 13, Musk posted a tweet that his acquisition of Twitter would be put on hold until statistics about spambots and fake accounts on Twitter were verified,[213][214] while the SEC and the Federal Trade Commission began investigations of Musk for violating filing deadlines for his Twitter passive ownership stake and his subsequent company acquisition proposal respectively. [15] He subsequently made the transition to trading and finance[16] in Tokyo,[8] where he directed the firm's fixed income and currency trading. [254], Gensler won the MIT Sloan Outstanding Teacher Award based upon student nominations for the 201819 academic year. [166] On December 3, Musk had sold approximately $10 billion worth of his Tesla shares. Rumors have surfaced that SEC chairman Gary Gensler helped. Gary Gensler's campaign for market transparency is getting more transparent. [249] The book argues that actively-traded mutual funds carry high fees and lower-than-market returns, and investors should instead rely on low-fee index funds rather than constantly attempt to beat the market. [53] On May 11, Gensler stated in an interview with Bloomberg News that cryptocurrency exchanges were market making against the interests of their customers after warning the U.S. House Appropriations Subcommittee on Financial Services and General Government that cryptocurrency exchanges were engaged in front running the previous May. [25] Upon becoming chairman, Gensler began leading the Obama Administration's effort "to start policing the Wild West of finance: the murky market for over-the-counter derivatives". [79], On January 27, 2022, Southern Florida U.S. District Court Judge Cecilia Altonaga dismissed a lawsuit filed by investors against Robinhood Markets for acting negligently during the GameStop short squeeze. Gensler previously worked as an Undersecretary of the Treasury in the Clinton administration, where he worked on financial industry regulation. Biography. Gary Gensler is among those changing that. Gary Gensler, who led the Commodity Futures Trading Commission during the Obama administration from 2009 to 2014, will be President-elect Joseph R. Biden Jr.'s nominee to lead the Securities and . [30], Early in his tenure, Gensler listened to tape recordings of two Barclays employees as they discussed plans to report false interest rates in an effort to manipulate Libor. Producer: Andrea Betanzos Sound Engineer & Editor: Miguel Carrascal Senior Digital Producer: Freddie Morgan People profiles. Senators Kirsten Gillibrand (DNY) and Cynthia Lummis (RWY) introduced a bill in the 117th U.S. Congress to create a regulatory framework for cryptocurrencies that would treat most digital assets as commodities subject to oversight from the CFTC and would not have cryptocurrencies subject to oversight from the SEC unless a cryptocurrency's holders were entitled to the same privileges as corporate investors. [35] In 2019, the state enacted additional Commission-recommended legislation to create a Student Borrower Bill of Rights to protect students from predatory practices. Gensler was married to filmmaker and photo collagist Francesca Danieli from 1986 until her death from breast cancer in 2006. His . Now he's cleaning it up--and taking on the biggest banking scandal since the financial crisis", "Regulator of Wall Street Loses Its Hard-Charging Chairman", "Remarks of Chairman Gary Gensler, Pikesville High School Distinguished Alumnus Assembly", "The Gensler Twins: Identical? [37] On March 11, 2021, his nomination was reported out of the Senate Banking, Housing and Urban Development Committee by a vote of 1410. [195][196] On April 4, Musk submitted a 13G filing with the SEC to purchase a 9.2% passive ownership stake in Twitter, Inc.,[197][198] but then submitted a Schedule 13D beneficial ownership filing reserving the right to purchase a larger stake in the company with the agency the next day (and because the disclosure was filed later than an SEC deadline, it may have made Musk an additional $156 million). [141][142][143] Also in October 2021, eight whistleblower complaints alleging securities fraud by Facebook, Inc. were filed anonymously with the SEC by Whistleblower Aid on behalf of former company employee Frances Haugen after Haugen leaked thousands of company documents to The Wall Street Journal the previous month. [132][133][134], On March 2, 2021, Rocket Mortgage saw a more than 70 percent spike in its stock price during the GameStop short squeeze due to a surge in trading following discussion of the company on r/wallstreetbets,[135][136] but the Rocket Mortgage stock price reverted back to its pre-surge level the next day. [40], On September 14, 2021, Gensler testified before the U.S. Senate Banking, Housing, and Urban Affairs Committee that the SEC was in need of large staffing increases to address regulatory concerns related to cryptocurrencies and other digital assets,[41][42] and Gensler likened the cryptocurrency market to a "Wild West". Senior Digital producer: Freddie Morgan People profiles is getting more transparent was a partner and co-head finance! Had sold approximately $ 10 billion worth of his Tesla shares previously worked as an Undersecretary of Treasury! In 2006 Wharton School at the University of Pennsylvania at the University of.. 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