New York:
US Securities and Exchange Commission (SEC) Chairman Gary Gensler will step down as Wall Street's top regulator at the end of the Joe Biden administration, he said.
“Gensler was reluctant when he planned to leave the SEC, but he was expected to leave before President-elect Donald Trump was sworn in. He will serve until noon on January 20, when Trump will become president,” The Wall reported. Street Journal on Thursday about the move.
“Gensler's decision to stay until the end of the Biden administration is likely to disappoint some Republicans who wanted to see him leave sooner. “It means he could try to push through some additional measures as Democrats will maintain a majority in the five-member SEC as long as he remains,” it noted.
Gensler led a hyperactive period in the SEC's rulemaking, Xinhua news agency reported.
Wall Street groups have questioned many of the rules he implemented, including one that would have imposed new transparency requirements on private equity managers.
A court also rejected a regulation Gensler supported that sought to overhaul the way companies buy back stock.
Gensler previously worked for Goldman Sachs and led the Federal Reserve, Banking and Securities Regulators review team of the Biden-Harris transition.
Prior to his appointment, he was Professor of the Practice of Global Economics and Management at the Sloan School of Management at the Massachusetts Institute of Technology.
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