Gary Gensler (born October 18, 1957) is an American academic, former investment banker, and former government official who is the chairman of the U.S. Securities and Exchange Commission. The book uses empirical data to show that the average mutual fund consistently underperforms the market. Gary Gensler has a jumbo to-do list as he settles into his role as chair of the U.S. Securities and Exchange Commission. He was the Under Secretary of the Treasury for Domestic Finance (1999–2001), and the Assistant Secretary of the Treasury for Financial Markets (1997–1999). [7], Gensler graduated from Pikesville High School in 1975,[10] where he was later given a Distinguished Alumnus award. He will be an excellent SEC chair during this economic crisis.’ He is a tenacious regulator who stood up to the industry titans to rein in their risky behavior. We therefore do not claim to “represent” any specific role or interests within the investment management chain but rather are wholly dedicated to a more efficient and trustworthy capital market system that serves the greater good. [41], Gensler lives in Baltimore with his three daughters, Anna, Lee and Isabel. [9] Under Gensler, the bipartisan commission reached unanimous votes to approve more than 70 percent of the agency's rulemakings. [36] In 2019, the state enacted additional Commission-recommended legislation to create a Student Borrower Bill of Rights to protect students from predatory practices.[37]. Gensler also served as the CFO for the Hillary Clinton 2016 presidential campaign.[2]. [18], Gensler's last role at Goldman Sachs was co-head of finance, responsible for controllers and treasury worldwide. View Gary Gensler’s profile on LinkedIn, the world’s largest professional community. [39] He also is a mountain climber, having summited Mt. More than ever before, access needs to be governed by an appreciation for the complexity and opacity of these asset classes and strategies. There are 4 professionals named "Gary Gensler", who use LinkedIn to exchange information, ideas, and opportunities. It is in this spirit and mission alignment that we look forward to a productive relationship with you and the Commission. Gary Gensler Names Initial Senior Staff Members. [6] He succeeds SEC Acting Chair, Allison Lee. [22], Gensler served in the United States Department of the Treasury as Assistant Secretary for Financial Institutions from 1997 to 1999, then as Undersecretary for Domestic Finance from 1999 to 2001. Gary Gensler was confirmed as the new SEC chair by the U.S Senate on April 14, 2021. We wrote to your predecessor, Chairman Clayton, in March of 2020 expressing our opinion on the Commission’s review of the Accredited Investor rule. [34], In 2017, Gensler was selected by the Maryland Senate President and House Speaker to serve as Chairman of the Maryland Financial Consumer Protection Commission, which assessed the impact of potential changes to federal financial industry laws, regulations, budgets, and policies on the state. He is also a professor at the MIT Sloan School of Management. Gary has 2 jobs listed on their profile. Updated Jan 19, 2021 . [10], In 1979, Gensler joined Goldman Sachs, where he spent 18 years. View GARY GAREZA’S profile on LinkedIn, the world's largest professional community. [16], While serving at the Treasury Department, Gensler was awarded the agency's highest honor, the Alexander Hamilton Award, for his service. [3] On March 11, 2021, his nomination was reported out of the Senate Banking, Housing and Urban Development Committee by a vote of 14–10. Rakesh Sharma. A more expansive and thorough list of professional credentials for prospective investors and their advisors, including the CAIA Charter, would contribute to strengthening investor protection amongst accelerating industry evolution. By the spring of 2010, the momentum in Congress was toward Gensler's vision for derivatives oversight,[14] and Congress passed comprehensive reform as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010. The Senate confirmed him on Wednesday. LinkedIn WhatsApp Email Print Talk One of Gensler’s first tasks will be to fill the senior SEC staff ranks that have been depleted in recent months. Gary Gensler Chairman, Securities and Exchange Commission Gary Gensler was born in October 1957 in Baltimore, Maryland. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and … I’m honored to appear before you today for the first time as Chair of the Securities and Exchange Commission. Click HERE to find out ⭐ Jackson Mueller of Securrency Comments on Incoming SEC Chairman Gary Gensler. In that letter, we clearly stated our belief that there are significant benefits to expanded investor access to private markets, but only with requisite conditions and safeguards. Gary has 3 jobs listed on their profile. | Crowdfund … Chair Gary Gensler Washington D.C. May 6, 2021. “I am incredibly … Click HERE to find out ⭐ Next GameStop Hearing at House Committee of Financial Services to Include SEC Chairman Gary Gensler. CAIA Association is a global professional body representing 12,000 members in over 100 countries dedicated to improving investment and societal outcomes for clients through professional education, transparency, and thought leadership. Senator Elizabeth Warren, D-Massachusetts, also welcomes Gensler as Biden’s pick, tweeting: ‘Gary Gensler and I worked together after the 2008 crisis to hold Wall Street accountable. Gensler also noted the use of blockchain for trade finance and medical records. Thank you for inviting me to testify on the market volatility we witnessed in January. President Roosevelt surprised and dismayed partisans by insisting that Kennedy be named SEC chairman. [11] Gensler graduated with a degree in economics, summa cum laude, after three years at the Wharton School at the University of Pennsylvania,[12] followed by a master's in business administration the following year. Don't You Believe It", "An Ex-Goldman Man Goes After Derivatives", "CFTC chief Gary Gensler is out to police financial Wild West", "President Clinton Names Gary Gensler as Under Secretary for Domestic Finance at the Department of the Treasury", "Goldman Alum Who's Trying to Fix Wall Street", "Investment Bankers Play Football's Newest Position", "President-elect Obama announces choices for SEC, CFTC and Federal Reserve Board", "At Center of Derivatives Debate, a Gung-Ho Regulator", "Remarks of CFTC Chairman Gary Gensler Swearing-In Ceremony", "Swaps regulator Gensler: banker turned Wall Street scourge", "Gary Gensler defends record as he leaves CFTC", "Remarks of Chairman Gary Gensler before the ISDA European Conference", "Libor Case Energizes a Wall Street Watchdog", "Q&A: what is Libor and what did the banks do to it? Gary Gensler is the current chair of the U.S. Securities and Exchange Commission (SEC).He was nominated by President Joe Biden on Feb. 3, 2021, and confirmed by the Senate on April 14, 2021. View Gary Gensler’s profile on LinkedIn, the world's largest professional community. Taken together, it is simply not politically viable or sensible for increasingly large portions of the capital markets to be off limits to large portions of the population. [13] As an undergraduate, Gensler joined the University of Pennsylvania crew team as a coxswain, dropping his weight to 112 pounds to keep the boat at its proper weight. If Gary Gensler becomes the SEC chairperson, it will harken back to the SEC’s origins and its first chairman, Joseph P. Kennedy. With Gary Gensler sworn in as the head of the Securities and Exchange Commission in April, the direction of the agency under his leadership is now beginning to take shape. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more. The professor has plenty of experience in the Finance sector having been a former Goldman Sachs banker and a commodities regulator under the administration of … Share to Linkedin; Topline. [16] In 1999 and 2000, under then-Treasury Secretary Lawrence Summers, Gensler fought for passage of the Commodity Futures Modernization Act, which exempted over-the-counter derivatives from regulation. Gary has 1 job listed on their profile. While Democrats, especially the progressive wing of the party, want to see Gensler tackle a range of issues related to inequality and climate change, the lion’s share of media attention has been focused on commentary and speculation regarding the SEC’s role in digital currencies and blockchain technology. [24] Gensler was sworn in on May 26, 2009, pledging to work to "urgently close the gaps in our laws to bring much-needed transparency and regulation to the over-the-counter derivatives market to lower risks, strengthen market integrity and protect investors. [39], Maryland Financial Consumer Protection Commission, Under Secretary of the Treasury for Domestic Finance, Assistant Secretary of the Treasury for Financial Markets, Hillary Clinton 2016 presidential campaign, Senate Banking, Housing and Urban Development Committee, Dodd-Frank Wall Street Reform and Consumer Protection Act, "The Problem With Hillary Clinton Using a Progressive Hero to Attack Bernie Sanders", "President-elect Joe Biden to name Gary Gensler as U.S. SEC chair, sources say", "Brown Statement at Executive Session to Vote on Nominees and Subcommittees", "On the Nomination (Confirmation: Gary Gensler, of Maryland, to be a Member of the Securities and Exchange Commission)" United States Senate, April 14, 2021, "On the Nomination (Confirmation: Gary Gensler, of Maryland, to be a Member of the Securities and Exchange Commission)" United States Senate, April 20, 2021, "The Money Cop; Gary Gensler got his start on Wall Street. You may also like. Specifically, we argued that the rule sorely needed modernization given the tectonic shift of capital formation towards private markets in recent decades and that the traditional binary wealth and income test was a poor proxy in isolation to determine sophistication and risk appetite. Since our original letter last January, we have witnessed an escalated use of private capital exits through the special purpose acquisition company (SPAC) mechanism, accelerated adoption of digital assets, technology and infrastructure, increased tokenization of idiosyncratic and collectible assets, and a necessitated reliance on alternative investments to meet investor outcomes as expected capital market assumptions drop to generational lows. This was especially clear during the third and final House Financial Services Committee hearing Thursday on the surge in meme stock trading fueled by social media earlier this year. His stance on digital currencies will largely determine the future for crypto in the US. [1] He is also a professor at the MIT Sloan School of Management. His name has been popping up in the crypto market ever since he was first nominated. "[15] When the Treasury Department released draft legislation to bring regulatory oversight to the swaps market, Gensler sent a letter to Congress arguing that the proposal did not go far enough.[27]. On Saturday, Gary Gensler was sworn in as chairman of the Securities and Exchange Commission (SEC).President Joe Biden nominated Gensler to manage the SEC on February 3. [35] Under Gensler's leadership, the Commission recommended changes to State law to enhance consumer financial protections, including enhancing standards of care, clarifying State law to set standards for student loan servicers, and protecting Maryland buyers of manufactured homes. In 2018, student loan legislation recommended by the Commission established a student loan ombudsman, added the federal Military Lending Act and the federal Servicemembers Civil Relief Act to state law, increased civil monetary penalties for violations, and codified some modifications on debt collection laws. GARY has 8 jobs listed on their profile. [9] By the time Gensler left the CFTC in January 2014, the agency was near completion of the rule-writing process to implement the Dodd-Frank Act. [12], In 2001, Gensler joined the staff of U.S. Gensler is uniquely well-suited for the task and issues facing investors and the markets. Gensler was born into a Jewish family,[7] in Baltimore, Maryland, one of five children of Jane (née Tilles) and Sam Gensler. Due to the elementary coverage of investment content and the low stakes nature of these exams, we strongly believe the amendment needs further attention. [28] He oversaw the agency as it wrote 68 new rules, orders and guidances[29] and as its reach extended from a $35 trillion futures market to a $400 trillion swaps market. LinkedIn; Copy Link; Politics Biden’s Nominee for SEC Chief, Gary Gensler, Reports Net Worth Between $41 Million and $119 Million Most of the … View Gary Gensler’s profile on LinkedIn, the world’s largest professional community. [4] On April 14, 2021, his nomination was confirmed in the Senate by a vote of 53–45 to fill former chair Jay Clayton's term expiring in June 2021. [7] Gensler was married to filmmaker and photo collagist Francesca Danieli from 1986 until her death from breast cancer in 2006. See the complete profile on LinkedIn and discover Gary’s connections and jobs at similar companies. [16], While at Goldman Sachs, Gensler led a team that advised the National Football League in capturing the then-most lucrative deal in television history, when the NFL secured a $3.6 billion deal selling television sports rights. Gensler previously led the Biden–Harris transition's Federal Reserve, Banking and Securities Regulators agency review team. Gary Gensler, professor of the Practice, Global Economics, and Management at Massachusetts Institute of Technology (MIT), was confirmed as chairman of the Securities and Exchange Commission (SEC) on Wednesday the 14th. [38] 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. [5] On April 19, 2021, the Senate confirmed Gensler to a 5-year term through 2026 by a vote of 54-45. [26] 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. [12] Barclays alone paid $450 million in fines as a result of the Libor investigation. Instead, we recommended an eligibility model founded upon proper education. Senator Paul Sarbanes, chairman of the Senate Banking Committee, as a senior advisor and helped write the Sarbanes-Oxley law, which tightened accounting standards in the wake of the Enron and WorldCom scandals. Click HERE to find out ⭐ Gary Gensler Approved by Senate as Chairman of the SEC. See the complete profile on LinkedIn and discover Gary… William J. Kelly and I wrote to newly confirmed Chaiman Gensler of U.S. Securities and Exchange Commission on behalf of CAIA Association and investors globally on how to properly balance access and safeguards. On behalf of the Chartered Alternative Investment Analyst Association (CAIA), we congratulate and welcome you as the newly confirmed Chairman of the SEC. [15], Then-President-elect Barack Obama nominated Gensler to serve as the 11th chairman of the CFTC on December 18, 2008. Linkedin. Outside of Gensler's business and public service career, Gensler has co-authored a book with Greg Baer, a fellow Clinton Administration alum, The Great Mutual Fund Trap. [15] He spent the 1980s working as a top mergers and acquisitions banker, having assumed responsibility for Goldman's efforts in advising media companies. William Kelly                                                                    John L. Bowman, CFA, Chief Executive Officer                                                      Senior Managing Director, CAIA Association                                                               CAIA Association. SEC Commissioner Hester Peirce, known as the agency's "crypto mom," said the SEC needs to adopt a "more welcoming tone" on digital assets. [8] Sam Gensler was a cigarette and pinball machine vendor to local bars,[9] and he provided Gensler with his first exposure to the real-world side of finance when Sam would take Gensler to the bars of Baltimore to count nickels from the vending machines. 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. Rainier and Mt. Gensler served as treasurer of the Maryland Democratic Party for two years,[10] and held several senior roles on the Maryland campaigns of U.S. Is Called Signal to Possible Donors", "Fintech Advisory Group - FEDERAL RESERVE BANK of NEW YORK", "Filmmaker and Honored Photo Collagist Francesca Danieli, 52", United States Securities and Exchange Commission, https://en.wikipedia.org/w/index.php?title=Gary_Gensler&oldid=1023799809, Commodity Futures Trading Commission personnel, United States Department of the Treasury officials, Members of the U.S. Securities and Exchange Commission, Wikipedia articles with WorldCat-VIAF identifiers, Wikipedia articles with multiple identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 18 May 2021, at 12:19. [31], 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. (Bloomberg Opinion) -- Gary Gensler has a jumbo to-do list as he settles into his role as chair of the U.S. Securities and Exchange Commission. [12], Gensler served on the board of for-profit university Strayer Education, Inc. from 2001 to 2009. [33], For his work to reform the financial regulatory system, The Institute for the Fiduciary Standard awarded Gensler with the 2014 Tamar Frankel Fiduciary Prize. [23], As Undersecretary of the Treasury for Domestic Finance, Gensler advised and assisted Treasury Secretaries Robert Rubin and Lawrence Summers on aspects of domestic finance, including formulating policy and legislation in the areas of financial institutions, public debt management, capital markets, government financial management services, federal lending, fiscal affairs, government sponsored enterprises, and community development.

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