Familiar trade groups for fundsters and indie B-Ds are weighing in on the impending appointment
of Gary Gensler
| Gary Gensler|
MIT Sloan School of Management
Professor of the Practice of Global Economics and Management
This morning, the U.S. Senate confirmed
Gensler as the next chair of the U.S. Securities and Exchange Commission (SEC
). The vote was 53 to 45, with three Republican senators joining all 50 Democratic senators to vote in Gensler's favor. (Two Republican senators didn't vote.)
, president and CEO of the Investment Company Institute (ICI
), congratulates Gensler and applauds
the next SEC chair's "commitment to promoting innovation while ensuring competitive, efficient and transparent markets for investors."
"We support his agenda to develop an effective ESG disclosure system based on the principle of economic materiality, which will provide useful, reliable, and comparable disclosure to the investment community," Pan states. "We also look forward to supporting his efforts to make it easier for funds to deliver information electronically to shareholders consistent with their preference."
, president and CEO of the Financial Services Institute (FSI
) also offers
Gensler congratulations, praising the next SEC chai's "breadth of industry and regulatory experience."
"We encourage Chairman Gensler to build upon Reg BI's success and preserve its effectiveness for both financial advisors and the Main Street Americans they serve," Brown states. "We also ask that he ensures the Commission provides clear, consistent rulemaking and enforcement that is workable for all stakeholders."
At the SEC, acting chair Allison Herron Lee
and Commissioners Caroline Crenshaw
, Hester Peirce
, and Elad Roisman
First Roisman and then Lee have been pinch-hitting
as acting chairs since Trump's chair exited back in December. Gensler, who worked at Goldman Sachs and in the Clinton administration before leading the CFTC under Obama, will technically fill the remainder of the last SEC chair's term, which is set to expire on June 5. Yet SEC commissioners
can serve up to a year and a half beyond the end of their terms (i.e. until December 2022 in Gensler's case).
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