MutualFundWire.com: Trade Groups Weigh In As Senate Confirms Biden's SEC Chief Pick

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Wednesday, April 14, 2021

Trade Groups Weigh In As Senate Confirms Biden's SEC Chief Pick

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.)

Eric Pan, 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."

Dale Brown, president and CEO of the Financial Services Institute (FSI) also offers Gensler congratulations, praising the next SEC chair'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 also offer their congratulations.

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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