Gensler is a well-known quantity on Wall Street after heading the CFTC during Barack Obama’s presidency at the height of the financial crisis. He had been a key contender to lead an economic or financial agency after heading Mr. Biden’s transition team on the Federal Reserve, banking and securities regulation. Although Gensler championed the deregulation of the financial services industry decades ago, he is now considered a proponent of more constraints on the sector.
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Biden names Gensler as SEC head in push towards more scrutiny
“We applaud Joe Biden for choosing a man who stands up for public interest against Wall Street excess, is knowledgeable and has shown through his work during the Obama administration that he supports working families,” Mr Trumka wrote in a tweet on Monday morning.
