Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), has announced his decision to step down as Wall Street’s top regulator at the conclusion of the Joe Biden administration. He will serve until noon on January 20, when Donald Trump is set to assume the presidency, according to The Wall Street Journal.
Gensler had previously avoided specifying his departure plans but was widely expected to leave before President-elect Trump’s inauguration. His decision to remain until the end of Biden’s term ensures that Democrats will retain a majority on the five-member SEC, potentially allowing him to finalize additional measures before stepping down.
During his tenure, Gensler oversaw a highly active period of rulemaking at the SEC. Among the initiatives he championed was a rule imposing new transparency requirements on private equity managers, which faced legal challenges from Wall Street groups. Additionally, a court struck down a regulation he supported that aimed to reform how companies execute stock buybacks.
Gensler, who previously worked at Goldman Sachs, has a distinguished career in finance and academia. Before his appointment as SEC Chair, he served as a professor at MIT’s Sloan School of Management and led the Biden-Harris transition team for Federal Reserve, Banking, and Securities Regulators.
His tenure as SEC Chair has been marked by controversy and significant regulatory efforts, leaving a lasting impact on Wall Street oversight.
