World News – CA – Biden asks Gensler to work on Wall Street Watch Review – source

WASHINGTON (Reuters) – Democratic presidential candidate Joe Biden, who appeared to be close to an election victory, tapped into the former derivatives market regulator Gary Gensler will work on a transition plan to supervision of the financial sector, according to a person with direct knowledge of the matter

Gensler, who chaired the Commodity Futures Trading Commission (CFTC) from 2009 to 2014, will work with a team of policy experts focused on banking and market regulators, such as the CFTC, Federal Reserve and Securities and Exchange Commission, as part of the usual agency review process undertaken by new administrations, the person said

Gensler did not immediately respond to a request for comment on Friday evening A spokesperson for Biden’s transition team declined to comment

The decision to appoint Gensler was likely to please many Democrats who applauded his tough stance on Wall Street under former President Barack Obama

As chairman of the CFTC, he led the creation of key congressional-mandated swap rules in the wake of the 2007-2009 financial crisis, developing a reputation as a ruthless, unafraid operator to rub the feathers

Its efforts have enabled the CFTC to make good progress in implementing the 2010 Dodd-Frank reform law Other regulators are still implementing the rules of the law a decade later

Former Goldman Sachs banker and currently a professor at MIT Sloan School of Management, Gensler has also overseen lawsuits against major investment banks for rigging Libor, the benchmark for billions of dollars in lending around the world

The Biden team also brought in KeyBank NA director Don Graves to work on a broader economic agency review, the same person said. Graves could not be reached immediately for comment but on his LinkedIn page describes himself as an advisor to Biden

Prior to joining KeyBank in 2017, Graves worked in the Obama administration, director of domestic and economic policy for Biden Prior to that, he was executive director of Obama’s job board, according to his LinkedIn

Biden, who leads incumbent Republican President Donald Trump in the main battlefield states, according to several TV stations, has been accused of being too comfortable with Wall Street as a senator and later in as vice president of Obama He said relatively little about financial reform more broadly

Its appointees should prioritize policies that Democrats broadly agree on – strengthening consumer protection and measures to help tackle racial injustice, diversity, wealth inequality and change climate

One area Biden has focused on is the rules that encourage lending to low-income communities, which he has pledged to expand. He’s also pledged to crack down on credit bureaus who are criticized for harming consumers with inaccurate reporting and focusing on rating factors that disadvantage minorities

Joe Biden, Gary Gensler, Wall Street, Finance, Democratic Party, Barack Obama, Commodity Futures Trading Commission