- #GENSLER CONFIRMED SCRUTINY TOP WALL STREET HOW TO#
- #GENSLER CONFIRMED SCRUTINY TOP WALL STREET FULL#
If confirmed, I will study SEC regulations adopted in the last decade to determine if they are working towards these goals.”Ĭlearly the SEC is incompetent at regulating money market funds. The regulatory framework governing such funds should ensure access to investors for this important product while also ensuring stability in our financial system.
Gensler’s Response: “Money market mutual funds are an important part of our financial ecosystem with nearly $5 trillion in investments. Those questions and responses went as follows:īanking Committee Question: “If confirmed, will you protect the SEC’s jurisdiction to regulate money market funds?”īanking Committee Question: “If confirmed, will you ensure new SEC regulations for money market funds, if any, will be narrowly tailored and will not eliminate or significantly reduce the viability of money market funds as an investment?”
Someone on the Senate Banking Committee is likely getting big campaign donations from one or more big players in the field of money market mutual funds. economy will be the giant loser in the end. If Gensler is going to leave the current rigged market structure in place in the name of promoting competition among market players and to appease right-wing Republicans on the Senate Banking Committee, all Americans and the U.S. If confirmed, I would work with fellow Commissioners and SEC staff to examine market structure issues holistically to best maintain fair, orderly and efficient markets as many of the technical and economic issues of markets are highly interrelated.” If confirmed, I will work with fellow Commissioners and SEC staff along with hearing from market participants on how best to promote transparency and competition in the equity markets. equity market is a critical national asset that provides a vital mechanism for capital formation for firms and individuals investment opportunities for Main Street and economic growth. Gensler’s Response: “Markets – and technology – are constantly changing.
#GENSLER CONFIRMED SCRUTINY TOP WALL STREET HOW TO#
The question and response was as follows:īanking Committee Question: “Can you commit to evaluate how to best promote competition between national securities exchanges, alternative trading systems (ATS), market makers, and broker-dealers engaged in internalization to benefit investors?” One unnamed questioner attempted to flush out where Gensler stands on the most rigged market structure since 1929. A number of Gensler’s answers to those questions are problematic with what some Senate Republicans wanted to hear. Attorney’s Office for the Southern District of New York.)Īfter Gensler’s March 2 confirmation hearing before the Senate Banking Committee, the Committee followed up with written questions. Clayton left the SEC after a controversial attempt at a coup at the U.S. (Clayton had legally represented 8 of the 10 largest Wall Street banks in the three years before Trump nominated him to become SEC Chair. markets in their most perilous state since 1929, one would think that the Senate would be rushing to hold a vote to confirm Gensler. Given that former President Trump’s SEC Chair, Jay Clayton, has left U.S.
#GENSLER CONFIRMED SCRUTINY TOP WALL STREET FULL#
Washington D.C.’s beloved Cherry Blossoms are within days of reaching their peak, and yet, Biden’s nominee to Chair the Securities and Exchange Commission, Gary Gensler, has not been confirmed by a full vote in the Senate. It was a bone-chilling 42 degrees with winds gusting to 28 miles per hour when Joe Biden was sworn in as the 46 th President of the United States on January 20.
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