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Biden SEC Nominee Gary Gensler Worth as Much as $119 Million

Ben Bain
·2 min read

(Bloomberg) -- 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, who was previously chairman of the Commodity Futures Trading Commission and a partner at Goldman Sachs Group Inc., disclosed the figures in a form filed with the Office of Government Ethics, as part of the confirmation process. Income and assets are disclosed in ranges on the form.

His biggest holding, of between $25 million and $50 million, was in the Vanguard Total Stock Market ETF.

Gensler also said he had $50,001 to $100,000 in capital gains from his holding of Tesla Inc. shares, the only individual stock that’s listed. That asset is now fully divested, according to the filing.

Gensler said he participates in the defined benefit plan at Goldman, where he was a partner earlier in his career. He said the retirement plan is expected to pay out $977 per month starting at age 71.

Dow Jones reported some of the figures from the filing earlier Friday.

Much of Gensler’s money comes from his years at Goldman, which he joined in the late 1970s out of the University of Pennsylvania’s Wharton School. His mentor was Robert Rubin, who rose to vice chairman of the firm before becoming Treasury secretary in the Clinton administration. Gensler had stints trading stocks and bonds, and also worked on the mergers-and-acquisition team. Eventually he became one of the youngest partners in the firm’s history.

Gensler’s confirmation is a virtual certainty, but it could take weeks or months for the Senate to approve him because the chamber has been focusing first on Biden’s cabinet-level nominations, as well as virus relief and former President Donald Trump’s impeachment trial.

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