U.S. Markets closed
  • S&P 500

    3,638.35
    +8.70 (+0.24%)
     
  • Dow 30

    29,910.37
    +37.90 (+0.13%)
     
  • Nasdaq

    12,205.85
    +111.44 (+0.92%)
     
  • Russell 2000

    1,855.27
    +10.25 (+0.56%)
     
  • Crude Oil

    45.53
    -0.18 (-0.39%)
     
  • Gold

    1,788.10
    -23.10 (-1.28%)
     
  • Silver

    22.55
    -0.81 (-3.46%)
     
  • EUR/USD

    1.1970
    +0.0057 (+0.4788%)
     
  • 10-Yr Bond

    0.8420
    -0.0360 (-4.10%)
     
  • Vix

    20.84
    -0.41 (-1.93%)
     
  • GBP/USD

    1.3314
    -0.0042 (-0.3169%)
     
  • USD/JPY

    104.0850
    -0.1650 (-0.1583%)
     
  • BTC-USD

    17,087.20
    -10.49 (-0.06%)
     
  • CMC Crypto 200

    333.27
    -4.23 (-1.25%)
     
  • FTSE 100

    6,367.58
    +4.65 (+0.07%)
     
  • Nikkei 225

    26,644.71
    +107.40 (+0.40%)
     

Ex-CFTC Chief Gensler and Banker Advising Biden on Wall Street

Jennifer Epstein
·1 min read

(Bloomberg) -- Former Commodity Futures Trading Commission Chairman Gary Gensler and KeyBank NA executive Don Graves have been tapped to examine financial regulators as part of Joe Biden’s presidential transition, according to a person familiar with the matter.

Gensler’s presence is likely to please progressive Democrats, as he gained a reputation for standing up to Wall Street during the Obama administration. He also implemented a new regulatory regime for swaps -- products that played a key role in the 2008 financial crisis. Gensler is a former Goldman Sachs Group Inc. partner, giving him insight into how the industry works and how it tries to dodge oversight.

Gensler is close to Biden transition co-chair Ted Kaufman, as the two worked together to push for tougher Wall Street rules during Kaufman’s two years as a Delaware senator, and to Massachusetts Senator Elizabeth Warren. Gensler didn’t immediately respond to an email requesting comment.

Graves is a longtime Biden adviser. His involvement in reviewing bank regulators might give comfort to banks that moderates will win posts in a Biden administration.

It’s a routine aspect of presidential transitions that teams of volunteers examine the swaths of agencies that populate the federal government. Often, those involved in such reviews end up making recommendations on who should be nominated to run regulators.

(Updates with background in fourth paragraph.)

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.