Regulator had pushed through a blizzard of new rules during his tenure
Gary Gensler plans to step down as chair of the US Securities and Exchange Commission when Donald Trump takes office as president on January 20, bringing to an end a bold rulemaking term that encountered resistance from the industry and courts. Officially, Gensler’s five-year term on the commission will not run out until 2026, but it has become customary for SEC chairs to move on when the White House changes hands.
“Over the last four years, there were a number of rule changes proposed where, to be blunt, it’s like ‘what problem are we trying to solve?’” Ken Griffin, founder of hedge fund Citadel, said during remarks at the Economic Club of New York on Thursday, just moments before Gensler’s announcement. The billionaire’s opposition to SEC rulemaking has included funding several lawsuits against the watchdog. “Much of Gensler’s agenda will ultimately not survive, in my opinion, the next four years.
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