WASHINGTON (Reuters) – Democratic presidential candidate Joe Biden, who appears to be nearing an end of election victory, has asked former derivative market manager Gary Gensler to work on a transfer plan to oversee the financial industry, according to someone with direct knowledge of the matter.
Gensler, who served as chairman of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014, will work with a group of policy professionals focused on banking and market regulators, such as the CFTC, the Federal Reserve and the Securities and Exchange Commission, as this Person said, part of the regular agency review process carried out by the upcoming government.
Gensler did not immediately respond to a request for comment on Friday night. A spokesperson for Biden’s transition team declined to comment.
The decision to appoint Gensler is likely to please many Democrats who applauded his tough stance on Wall Street under former President Barack Obama.
As president of the CFTC, he led the creation of key swap rules required by Congress after the 2007-2009 financial crisis, developing a reputation as a tough and non-executive operator. ruffled.
His efforts put the CFTC ahead of the implementation of the 2010 Dodd-Frank reform law. Other regulators are still implementing the law a decade later.
Former banker of Goldman Sachs and now a professor at the MIT Sloan School of Management, Gensler is also overseeing prosecution of major investment banks for Libor fraud, the trillion-dollar loan standard across the country. world.
Biden’s team also asked KeyBank NA chief executive Don Graves to work on a broader economic agency review, the same person said. Graves couldn’t be immediately reached for comment, but on his LinkedIn page describes himself as a mentor to Biden.
Before joining KeyBank in 2017, Graves served on the Obama administration’s Biden domestic and economic policy board. Before that, he was CEO of Obama’s employment board, according to his LinkedIn.
Biden, who led incumbent Republican President Donald Trump in key battlefield countries, according to some television networks, was accused of being too close to Wall Street as a senator and later is Obama’s vice president. He said relatively little about financial reform more broadly.
His appointees are expected to prioritize policies that Democrats broadly agree on – increased consumer protection and measures to help address racial, diversity, and grievances. wealth equality and climate change.
One area where Biden has focused are rules that promote lending to low-income communities, which he has pledged to expand. He also pledged to crack down on credit reporting agencies criticized for harming consumers with inaccurate reporting and by focusing on minority scoring factors.
Reported by Michelle Price; Edited by David Gregorio and Cynthia Osterman