Washington DC – Gary Gensler, former Wall Street regulator will be President-elect Biden's nominee to head the Securities and Exchange Commission (SEC), according to Reuters. Gensler will lead the agency created after the 1920's stock market crash to protect investors and enforce stability in the banking system.
"As the world wrestles with financial crises, Gensler is the right pick for this critical position," noted Eric LeCompte who leads Jubilee USA, a religious development group that advocates solutions for financial crises. "The SEC is key for stopping corruption and promoting global economic stability."
In the wake of the 2008 financial crisis, Gensler chaired the Commodity Futures Trading Commission and forced oversight on the banking industry. Gensler's SEC will issue enforcement rules on recent legislation passed in Congress like the Corporate Transparency Act that targets shell corporations. These types of corporations can hide the identity of their owner and facilitate crime, development aid theft and human trafficking.
“Gensler understands there is no place for corruption in the financial system and holds a proven track record on promoting transparency,” stated LeCompte.