Gary Gensler Biography
Gary Gensler is an American investor, public official, and Democratic Party activist nominated to serve as Chairman of the Securities and Exchange Commission (SEC) by President Joe Biden. Gensler previously worked as an Undersecretary of the Treasury in the Clinton administration, where he worked on financial industry regulation.
Gary Gensler Age
Gary was born on 18th October, 1957, Baltimore, Maryland, U.S.
Gary Gensler Education
Gensler graduated from Pikesville High School in 1975, where he was later given a Distinguished Alumnus award. Gensler graduated with a degree in economics, summa cum laude, after three years at the Wharton School at the University of Pennsylvania, followed by a master’s in business administration the following year.
Gary Gensler Nationality
Gary is an American nationality.
Gary Gensler Ethnicity
Gary is of White ethnicity.
Gary Gensler Parents
He was born to Jane and sam Gensler, Gensler was raised in Baltimore where his father, Sam Gensler, worked as a cigarette and pinball machine vendor to local bars. Sam Gensler was known as “the unofficial chief lobbyist” for the industry, frequently bringing Gary Gensler to the Maryland state capitol during the legislative session to lobby for lower taxes and licensing fees. Gensler credits the trips with bringing him into politics.
Gary Gensler Siblings
Gary has five siblings however he has not disclosed their names to the public.
Gary Gensler Wife
Gensler was married to filmmaker and photo collagist Francesca Danieli from 1986 until her death from breast cancer in 2006.
Gary Gensler Children
Gensler lives in Baltimore with his three daughters, Anna, Lee and Isabel.
Gary Gensler U.S. Securities and Exchange Commission
Gensler began work on the Biden transition team, overseeing transition planning for oversight of the financial industry. In January 2021, President Biden nominated Gensler to become Chairman of the SEC. On March 10, 2021, Gensler’s nomination moved out of the U.S. Senate Committee on Banking, Housing, and Urban Affairs with a 14-10 vote.
Gensler joined Goldman Sachs, where he spent 18 years in 1979. At 30, Gensler became one of the youngest persons to have made partner at the firm at the time. He spent the 1980s working as a top mergers and acquisitions banker, having assumed responsibility for Goldman’s efforts in advising media companies. He subsequently made the transition to trading and finance in Tokyo, where he directed the firm’s fixed income and currency trading.
Gensler served in the United States Department of the Treasury as Assistant Secretary for Financial Markets from 1997 to 1999, then as Undersecretary for Domestic Finance from 1999 to 2001. As Assistant Secretary, Gensler served as a senior advisor to the Secretary of the Treasury in developing and implementing the federal government’s policies for debt management and the sale of U.S. government securities. 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.
Then-President-elect Barack Obama announced his intent to nominate Gensler to serve as the 11th chairman of the CFTC on December 18, 2008. His nomination was officially sent to the U.S. Senate on January 20, 2009. After some initial opposition to Gensler’s nomination amongst the progressive members of the Democratic caucus, Gensler was approved by the U.S. Senate in an 88–6 confirmation vote.
Gensler was sworn in on May 26, 2009, pledging to work to “urgently close the gaps in our laws to bring much-needed transparency and regulation to the over-the-counter derivatives market to lower risks, strengthen market integrity and protect investors”.
Gensler led the CFTC’s effort to write the rules required to regulate the swaps markets. He oversaw the agency as it wrote 68 new rules, orders and guidances and as its reach extended from a $35 trillion futures market to a $400 trillion swaps market.
Under Gensler, the bipartisan commission reached unanimous votes to approve more than 70 percent of the agency’s rulemakings. By the time Gensler left the CFTC in January 2014, the agency was near completion of the rule-writing process to implement the Dodd-Frank Act.
Gensler was selected by the Maryland Senate President and House Speaker to serve as Chairman of the Maryland Financial Consumer Protection Commission in 2017, which assessed the impact of potential changes to federal financial industry laws, regulations, budgets, and policies on the state.
Under Gensler’s leadership, the Commission recommended changes to State law to enhance consumer financial protections, including enhancing standards of care, clarifying State law to set standards for student loan servicers, and protecting Maryland buyers of manufactured homes.
Student loan legislation recommended by the Commission established a student loan ombudsman in 2018, added the federal Military Lending Act and the federal Servicemembers Civil Relief Act to state law, increased civil monetary penalties for violations, and codified some modifications on debt collection laws. In 2019, the state enacted additional Commission-recommended legislation to create a Student Borrower Bill of Rights to protect students from predatory practices.
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 executives including Parag Agrawal and certain board members have 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).
Gensler is Professor of the Practice of Global Economics and Management, MIT Sloan School of Management, co-director of MIT’s Fintech@CSAIL and senior adviser to the MIT Media Lab Digital Currency Initiative. He focuses on the intersection of finance and technology, conducts research and teaches on blockchain technology, digital currencies, financial technology and public policy.
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.
Gary Gensler Cryptocurrency
Gensler’s central claim is simple: For all their novel attributes, most cryptocurrencies are securities, like stocks or other investment products. That means the developers who issue cryptocurrencies must register with the U.S. government and disclose information about their plans.
Gensler testified before the U.S. Senate Banking, Housing, and Urban Affairs Committee in September 2021 that the SEC was in need of large staffing increases to address regulatory concerns related to cryptocurrencies and other digital assets, and Gensler likened the cryptocurrency market to a “Wild West”.
The Economist identified the risks presented by decentralised finance and crypto-assets valued at $2.5 trillion as a challenge for Gensler in 2022, and noted his experience in teaching blockchain technology. On April 4, 2022, Gensler announced that the SEC would begin to register and regulate cryptocurrency exchanges at a University of Pennsylvania Law School students association conference.
On June 7, U.S. Senators Kirsten Gillibrand (D–NY) and Cynthia Lummis (R–WY) introduced a bill in the 117th U.S. Congress to create a regulatory framework for cryptocurrencies that would treat most digital assets as commodities subject to oversight from the CFTC and would not have cryptocurrencies subject to oversight from the SEC unless a cryptocurrency’s holders were entitled to the same privileges as corporate investors.
Gary Gensler Salary
Gary earns an estimated annual salary of USD 100,000.
Gary Gensler Net Worth
His net worth is estimated to be USD 5 million.
Gary Gensler Instagram
Gary does not have an Instagram account.