Gary Gensler, who was appointed as chair of the Securities and Exchange Commission (SEC) by President Biden in 2021, is set to leave the agency on January 20. During his tenure, Gensler has been praised for his leadership in implementing a robust rulemaking agenda to improve efficiency, resiliency, and integrity in the US capital markets. He has also overseen high-profile enforcement cases that have held wrongdoers accountable and returned billions to harmed investors.
Gensler’s impact has extended beyond enforcement, as he has been credited with driving changes in corporate governance, accounting, and auditing practices. In a statement, Gensler expressed his gratitude to President Biden for entrusting him with the responsibility of leading the SEC, and highlighted the agency’s success in fulfilling its mission and enforcing the law without bias.
His departure from the SEC coincides with the inauguration of President-elect Donald Trump, as it is common for commission heads to step down with the arrival of a new administration. Trump had previously stated his intention to “fire” Gensler on his first day in office.
Before joining the SEC, Gensler taught global economics and management at MIT Sloan and served on various government financial boards. He also held leadership positions at Goldman Sachs, eventually becoming co-head of finance and overseeing the firm’s global treasury operations. Gensler’s expertise and experience have been invaluable in his role at the SEC, and his contributions will be missed.