January 11th, 2023 /. SEC chairman Gary Gensler has something that many in Washington often lack: knowledge of the technology he's trying to regulate. [251], Gensler is Professor of the Practice of Global Economics and Management, MIT Sloan School of Management, co-director of MITs Fintech@CSAIL and senior adviser to the MIT Media Lab Digital Currency Initiative. Gary Gensler's ex-wife is non-other than Francesca Danieli, a filmmaker and photo collagist by profession. He joined Goldman Sachs, where he spent 18 years. [236], On July 18, Twitter submitted a filing with the court stating that Musk's request to deny a speedy trial was a tactical delay, that Musk's tactics were harming Twitter's reputation and share price, and urged the court to schedule the earliest possible trial date. [120] On April 12, Alphabet Inc., Meta Platforms, Shopify, McKinsey & Company, and Stripe, Inc. announced a $925 million advance market commitment of permanent carbon removal from companies that are developing the technology over the next 9 years. At the CFTC, Gensler led an overhaul of regulations involving over-the-counter derivatives, which were widely blamed for exacerbating the 2008 financial crisis. [71] On June 30, Robinhood Markets agreed to pay $70 million to settle a lawsuit filed by the Financial Industry Regulatory Authority (FINRA) that alleged that the company had misled its customers, approved ineligible and inexperienced traders for options strategies, and did not supervise its technology properly to prevent outages. [245][246], In a complaint filed by Whistleblower Aid with the SEC, the U.S. Justice Department, and the Federal Trade Commission on July 6, former Twitter security officer Peiter Zatko alleged that specific Twitter executivesincluding Parag Agrawal and certain board membershave repeatedly made false and misleading statements to its board, shareholders, users, regulators, and the public about privacy, security, and content moderation on the platform since 2011 in violation of the Federal Trade Commission Act of 1914 and SEC disclosure rules including misrepresentations to Musk during the course of the acquisition bid (citing Agrawal's May 16 tweet detailing company policies for addressing fake and spam accounts).[247][248]. Senator Elizabeth Warren (DMA) sent a letter to Gensler requesting that the SEC investigate possible securities law violations in the conduct of a merger between the Digital World Acquisition Corp. (DWAC), a special-purpose acquisition company, and the Trump Media & Technology Group (TMTG) announced on October 20. Kilimanjaro. 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? [8], During Gensler's tenure at the CFTC, he worked closely with the Obama Administration, United States Congress and other regulators to transform the $400trillion financial derivatives markets that were at the center of the 2008 financial crisis. Gary Gensler is an investor, public official, and Democratic Party activist nominated to serve as Chairman of the Securities and Exchange Commission (SEC) by President Joe Biden. [6] Gensler was married to filmmaker and photo collagist Francesca Danieli from 1986 until her death from breast cancer in 2006. A native of Baltimore, Md., Gensler earned his undergraduate degree in economics in 1978 and his MBA from The Wharton School, University of Pennsylvania, in 1979. Before joining the SEC, Gensler was professor of the Practice of Global Economics and Management at the MIT Sloan School of Management, co-director of MIT's Fintech@CSAIL, and senior advisor to the MIT Media Lab Digital Currency Initiative. [17], Gensler's last role at Goldman Sachs was co-head of finance, responsible for controllers and treasury worldwide. The Senate is expected to confirm Gary Gensler as chairman of the Securities and Exchange Commission on Wednesday, and crypto assets including bitcoin are likely high on his agenda. [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. [144][145][146] After publicly revealing her identity on 60 Minutes,[147][148] Haugen testified before the U.S. Senate Commerce Subcommittee on Consumer Protection, Product Safety, and Data Security about the content of the leaked documents and the complaints. Gary Gensler is the chairman of the U.S. Commodity Futures Trading Commission under President Barack Obama. Gensler was married to filmmaker and photo collagist Francesca Danieli from 1986 until her death from breast cancer in 2006. [30] Libor is the average interest rate estimated by leading banks in London that the average leading bank would be charged if borrowing from other banks. "The proposal is contrary to SEC history, securities law, and sound regulatory practice", the paper wrote. Does that violate his SEC accord? [137][138] On September 14, Gensler announced the imminent release of an agency report on the short squeeze in testimony before the U.S. Senate Banking, Housing, and Urban Affairs Committee. [220][221] On May 24, Reuters reported that since the April 2019 amended settlement between Musk and the SEC, agency officials have consciously chosen not to pursue legal action against Musk for violating the terms of the agreement and to write letters urging compliance instead due to remarks made by the presiding judge during the case. [239][240] On July 22, Twitter released its earnings report for the second quarter of 2022 that showed a 1 percent decline in year-over-year company revenue and that company earnings were lower than analysts' expectations (which the company partially attributed to uncertainty created by the acquisition agreement). [5] He succeeded SEC Acting Chair, Allison Lee. [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. Gensler is a runner and has finished nine marathons and one 50-mile ultramarathon. [222] On May 25, Twitter shareholders filed a class action lawsuit against Musk and Twitter, Inc. alleging market manipulation and violation of California corporate laws. WASHINGTON, DC - SEPTEMBER 14: Gary Gensler, Chair of the U.S. Securities and Exchange Commission, testifies before a Senate Banking, Housing, and Urban Affairs Committee oversight hearing on the . [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. See the sources for this. I want to thank them for all of their support. Gary Gensler is the Undersecretary of Treasury for Domestic Finance. The SEC reportedly met with FTX and former CEO Sam Bankman-Fried several times before the crypto firm filed for bankruptcy. Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, Part III, U.S. House Committee on Financial Services, "Warren Asks Gensler to Remove Accounting Oversight Board Members", "SEC fires Republican audit watchdog after push from Warren, Sanders", "SEC Investigating Former Chair of Auditing Industry Regulator", "SEC to Review Market Structure as Meme Stocks Stir Frenzy", "Robinhood Stock Drops After SEC Chairman Warns on Payment for Order Flow", "SEC Chairman Calls for New Restrictions on Executive Stock-Trading Plans", "Robinhood Agrees to Pay $70 Million to Settle Regulatory Investigation", "Robinhood falls in its public market debut, closes more than 8% lower at $34.82 per share", "Robinhood's Stock Price Falls After IPO", "SEC approves Nasdaq's plan to boost diversity on corporate boards", "SEC Launches Review of Online Strategies Used by Brokers, Advisers", "SEC finalizes rule that allows it to delist foreign stocks for failure to meet audit requirements", "CEOs and insiders sell a record $69 billion of their stock, and the year isn't over yet", "SEC Chair Gary Gensler wants stronger insider trading rules as executive stock sales hit records", "Robinhood Meme-Stock Negligence Suit Is Rejected by Judge", "Tough questions await SEC Chair Gensler as he seeks funding for his regulatory agenda", "Fiscal Year 2023 Budget Request for the Federal Trade Commission and the Securities and Exchange Commission", "SEC's Gensler speaks Wednesday, and rules that overhaul market operations could be coming", "U.S. SEC chief Gary Gensler unveils plan to overhaul Wall Street stock trading", "Robinhood shares pop more than 20% after Sam Bankman-Fried buys 7.6% stake", "FTX Founder Sam Bankman-Fried Buys 7.6% Stake in Robinhood", "Robinhood shares jump 14% on report FTX may be exploring a deal", "Robinhood Shares Soar on Takeover Hopes", "FTX says no active talks to buy Robinhood", "Crypto exchange FTX U.S. moves into stock trading", "Crypto exchange FTX quietly shops for brokerage start-ups amid move into stock trading, sources say", "Robinhood Was Behind Phantom Surge in Berkshire Hathaway Trade Volume, Study Finds", "The reason behind a mysterious trading surge in stocks like Berkshire Hathaway has been revealed", "Microsoft backs direct air capture player Climeworks", "How the largest direct air capture plant will suck CO2 out of the atmosphere", "Microsoft's million-tonne CO2-removal purchase lessons for net zero", "Microsoft Pledges To Remove From The Atmosphere All The Carbon It Has Ever Emitted", "Microsoft wants to capture all of the carbon dioxide it's ever emitted", "Microsoft made a giant climate pledge one year ago here's where it's at now", "Bitcoin's wild ride renews worries about its massive carbon footprint", "Bitcoin consumes 'more electricity than Argentina', "Crypto crash 'will not affect Bitcoin mining's climate cost', "Tesla buys $1.5 billion in bitcoin, plans to accept it as payment", "Apple launches $200 million fund for climate change", "Report: Climate pledges from Amazon, others weaker than they seem", Corporate Climate Responsibility Monitor 2022: Assessing the Transparency and Integrity of Companies' Emission Reduction and Net-Zero Targets, "Amazon creates a $2 billion climate fund, as it struggles to cut its own emissions", "How Amazon's offsets could exaggerate its progress toward "net zero" emissions", "Amazon's carbon emissions rose 19% in 2020 even as Covid-19 pushed global levels down", "Court ruling on social cost of carbon upends Biden's climate plans", "Appellate court rules Biden can consider climate damage in policymaking", "Supreme Court won't block Biden rule on societal cost of greenhouse gases", "Supreme Court Allows Greenhouse Gas Cost Estimates", "Supreme Court allows Biden climate regulations while fight continues", "ConocoPhillips is selling extra gas to bitcoin miners in North Dakota", "The SEC wants to know a lot more about what companies are doing about climate change", "SEC proposes broad climate rules as Chair Gensler says risk disclosure will help investors", https://www.wsj.com/articles/gary-gensler-stages-a-climate-coup-securities-and-exchange-commission-blackrock-11647899043, "Exxon is mining bitcoin in North Dakota as part of its plan to slash emissions", "Stripe teams up with major tech companies to commit $925 million toward carbon capture", "Why Big Tech is pouring money into carbon removal", "Elon Musk is smart but he doesn't understand ESG, tech CEO says", "SEC unveils rules to prevent misleading claims and enhance disclosures by ESG funds", "SEC Is Investigating Goldman Sachs Over ESG Funds, Sources Say", "Exxon, BP, Shell and Chevron Executives Testify on Climate Change", "How Exxon Mobil plans to meet the energy transition: Extended Interview with CEO Darren Woods", "Exxon Mobil is at a crossroads as climate crisis spurs clean energy transition", "Supreme Court limits EPA authority to set climate standards for power plants", "The Supreme Court's EPA ruling is a big setback for fighting climate change, but not a death knell", "Supreme Court limited EPA's ability to regulate greenhouse gas emissions. Gensler also received a $1,000 honorarium, a voluntary payment, by the World Bank on November 20 2019. [list 1] On May 25, U.S. He won the MIT Sloan Outstanding Teacher Award based . [9] Gensler's identical twin brother also studied at the University of Pennsylvania. [15] 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. [166] On December 3, Musk had sold approximately $10 billion worth of his Tesla shares. The SEC reportedly met with FTX and former CEO Sam Bankman-Fried several times before the crypto firm filed for bankruptcy. He was the Deputy Secretary of the Treasury from 1999 - 2001. [121][122] On May 19, after Tesla was removed from the S&P 500 ESG Index by S&P Dow Jones Indices, Tesla CEO Elon Musk posted a tweet to his Twitter account criticizing the decision and, in noting that ExxonMobil was rated within the top 10 constituent companies in the index by weight, accused ESG of being a scam. Gary Gensler (born October 18 . Gensler lives in Baltimore with his three daughters, Anna, Lee and Isabel. [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. "Before I close, I do want to introduce and thank my three daughters, Isabelle, who . After the passage of the Dodd-Frank Act, Gensler led the CFTC's effort to write the rules required to regulate the swaps markets. [10] Gensler graduated with a degree in economics, summa cum laude, after three years at the Wharton School at the University of Pennsylvania,[11] followed by a master's in business administration the following year. Almost exactly one year ago, Gary Gensler was confirmed as chair of the Securities and Exchange Commission. [1] Gensler previously led the BidenHarris transition's Federal Reserve, Banking, and Securities Regulators agency review team. Gensler served as the 11th chairman of the Commodity Futures Trading Commission, under President Barack Obama, from May 26, 2009, to January 3, 2014. [101][102][103] On February 8, 2021, Tesla, Inc. disclosed to the SEC that it purchased $1.5 billion worth of bitcoin. I hope that my educational and professional background has prepared me for the position to which I have been nominated. [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. Gary Gensler was born in October 1957 in Baltimore, Maryland. Gary Gensler, SEC Chairman. [21], 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. He is a member of the New York Fed Fintech Advisory Group, a group of experts in financial technology that regularly presents views and perspectives on the topic to the president of the New York Fed. SEC Chair Gensler Talks Registration of Security-Based Swap Execution Facilities. Robert N. Gensler Robert Gensler is a Vice President and Portfolio Manager for T. Rowe Price. [250] He also is a mountain climber, having summited Mt. Gensler has served in various governmental roles since the 1990s. [4] President Joe Biden nominated Gensler to serve as 33rd chair of the U.S. Securities and Exchange Commission. . [207] On April 25, the Twitter board of directors unanimously agreed to Musk's acquisition proposal at $44 billion. [6], Gensler graduated from Pikesville High School in 1975,[9] where he was later given a Distinguished Alumnus award. He and Francesca got married in 1986. 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