[37] On March 11, 2021, his nomination was reported out of the Senate Banking, Housing and Urban Development Committee by a vote of 1410. Gary Gensler is the chair of the Securities and Exchange Commission in the Biden administration.The Senate confirmed him on April 20, 2021, by a vote of 54-45, for a term ending on June 5, 2026. [31] It is used as a reference rate for many financial products, including adjustable rate mortgages, student loans, and car payments. [232][233] On July 15, Musk filed a motion requesting that the court not grant Twitter's request for a speedy trial,[234][235] while Twitter submitted an amended proxy statement with the SEC that urged company shareholders to approve the acquisition agreement. [18] Gensler left Goldman after 18 years[19] when he was nominated by President Bill Clinton and confirmed by the U.S. Senate to be the Assistant Secretary of the Treasury. [53] On May 11, Gensler stated in an interview with Bloomberg News that cryptocurrency exchanges were market making against the interests of their customers after warning the U.S. House Appropriations Subcommittee on Financial Services and General Government that cryptocurrency exchanges were engaged in front running the previous May. Prior to getting appointed to the SEC, SEC Chair Gary Gensler was a Professor for the Practice of Global Economics & Management at MIT. [187][188] On February 24, Southern New York U.S. District Court Judge Alison Nathan issued an order rejecting requests made by Musk in his February 21 letter,[189] while the SEC was in the process of conducting an insider trading investigation of Musk and his brother Kimbal Musk for a $108 million sale of Tesla stock before Elon's November 2021 tweet. [195][196] On April 4, Musk submitted a 13G filing with the SEC to purchase a 9.2% passive ownership stake in Twitter, Inc.,[197][198] but then submitted a Schedule 13D beneficial ownership filing reserving the right to purchase a larger stake in the company with the agency the next day (and because the disclosure was filed later than an SEC deadline, it may have made Musk an additional $156 million). Here's how investors can buy a carbon-conscious fund", "Shares of Rocket Companies, a large short target of hedge funds, jump more than 70%", "Rocket Companies stock soars 70% on speculative trading, mirroring GameStop rally", "Rocket Stock Is the New Meme Trade. Verret earlier in the same medium. Since taking office in April 2021, Gensler has made the enforcement of regulations in the cryptocurrency . . [222] On May 25, Twitter shareholders filed a class action lawsuit against Musk and Twitter, Inc. alleging market manipulation and violation of California corporate laws. [126] After noting that his company had launched a division to commercialize carbon capture in testimony before the U.S. House Oversight and Reform Committee on October 28, 2021,[127][128] ExxonMobil CEO Darren Woods discussed in an interview with CNBC journalist David Faber on June 24 that part of ExxonMobil's long-term strategy to remain a profitable company while reducing greenhouse gas emissions and plastic pollution was to invest in carbon capture and storage technology with a network hub in Houston and to remain a plastics producer while making improvements to waste management. [15], While at Goldman Sachs, Gensler led a team that advised the National Football League in capturing the then-most lucrative deal in television history, when the NFL secured a $3.6 billion deal selling television sports rights. by One Hun [Leather Bound] Nominations of Susan G. Esserman, Timothy F. Geithner, Gary S. Gensler, Edwin M. Truman, and David C. Williams : hearings before the Committee on Finance, United States Senate | Jan 1, 2018. [199][200][201] On April 13, a group of Twitter shareholders filed a lawsuit against Musk for failing to disclose his ownership stake to the SEC within the agency's prescribed deadline. . What it means for investors", https://www.economist.com/the-world-ahead/2021/11/08/a-three-way-fight-to-shape-the-future-of-digital-finance-has-begun, "SEC Chair Gensler says agency is planning greater oversight of crypto markets to protect investors", "SEC chief Gary Gensler says crypto exchanges are 'market making against their customers', "SEC chairman says Americans need a 'cop on the beat' to protect investors from crypto fraud", "More Crypto Market Turmoil Is Predicted by SEC Chairman Gary Gensler", "Bipartisan crypto regulatory overhaul would treat most digital assets as commodities under CFTC oversight", "Crypto Legislation Could Undermine Market Regulations, Gensler Says", "Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities", "SEC Chair Gary Gensler raises concerns about Robinhood, trading gamification and social media hype", "SEC chair Gensler says agency will enforce rules 'aggressively' against bad actors", Game Stopped? [6] Gensler has called Libor "unsustainable" and argued that it should be replaced as a benchmark rate. [9] Gensler's identical twin brother also studied at the University of Pennsylvania. By Thornton McEnery. [236], On July 18, Twitter submitted a filing with the court stating that Musk's request to deny a speedy trial was a tactical delay, that Musk's tactics were harming Twitter's reputation and share price, and urged the court to schedule the earliest possible trial date. [152], On November 18, 2021, U.S. [36], In November 2020, Gensler was named a volunteer member of the Joe Biden presidential transition Agency Review Team to support transition efforts related to the Federal Reserve, Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Securities and Exchange Commission. [119], On March 26, CNBC reported that ExxonMobil started a pilot program in January 2021 with Crusoe Energy Systems to also divert its flare gas into generators producing electricity to power shipping containers full of bitcoin miners in the North Dakota Bakken region (which it expanded the following July) as part of the same industry initiative with ConocoPhillips, and that Crusoe has stated reduces carbon dioxide equivalent emissions by 63 percent as compared with continued flaring. [139][140][44] On October 18, the SEC released the report. He advises both the Media Lab's Digital Currency Initiative and the Ethics and Governance of AI project. [85][86] On June 27, FTX CEO Sam Bankman-Fried stated that no mergers and acquisitions discussions were being held with Robinhood Markets about an acquisition (despite reports of internal discussion to do so and reports of the company approaching at least three stock trading start-ups about acquisitions). [24], Gensler was described as "one of the leading reformers after the financial crisis". "FTX and SBF BREAKDOWN (Thread) MIT: - Glenn Ellison, Dept. Gary Gensler's ex-wife is non-other than Francesca Danieli, a filmmaker and photo collagist by profession. Gensler previously worked as an Undersecretary of the Treasury in the Clinton administration, where he worked on financial industry regulation. [43][44] On September 21, Gensler remarked to The Washington Post that most cryptocurrency projects dealing with securities should fall under the regulatory purview of the SEC, though the Commodity Futures Trading Commission (CFTC), of which he was a former chair, was better suited for some others. December 14, 2022, 6:09 AM PST. Gensler's piece was apparent face-saving from a blistering takedown of his "cryptocurrency confusion" by law professor J.W. Rob is President of the Media & Telecommunications Fund and Chairman of its Investment Advisory Committee. [123][124], On May 25, the SEC proposed two rules changes to ESG investment fund qualifications to prevent greenwashing marketing practices and to increase disclosure requirements for achieving ESG impacts. [205][206] On April 22, Republican Conference members of the U.S. House Judiciary Committee wrote a letter to the Twitter board of directors requesting that company executives preserve all company records related to Musk's acquisition proposal. [252], Gensler lives in Baltimore with his three daughters, Anna, Lee and Isabel. Prior to his career in the federal government, Gensler worked at Goldman Sachs, where he was a partner and co-head of finance. Gensler is a runner and has finished nine marathons and one 50-mile ultramarathon. Gensler also received a $1,000 honorarium, a voluntary payment, by the World Bank on November 20 2019. . [60], On May 6, 2021, Gensler testified before the U.S. House Financial Services Committee about the GameStop short squeeze, Robinhood Markets, Archegos Capital Management, market concentration among market makers for payment for order flow, conflict of interest in best execution for trades with PFOF, trading gamification in mobile trading apps and high-frequency trading, the SEC consolidated audit trail, data security, usage of social media and the internet in market manipulation, and ESG disclosure rules (including those proposed by the Task Force on Climate Related Financial Disclosures led by former New York City Mayor Michael Bloomberg). [208][209] On April 27, Southern New York U.S. District Court Judge Lewis J. Liman denied Musk's motion to terminate the 2018 settlement. Sadly, they had their tragic separation when Francesca has an untimely death n 2006 of breast cancer. SEC Chair Gary Gensler is under firefrom both sides of the aisle. [223] On June 3, a dozen political advocacy groups (including the Center for Countering Digital Hate, GLAAD, and MediaJustice) announced a campaign to block Musk's Twitter acquisition proposal by pressuring government agencies to review the acquisition, persuading Tesla shareholders to take legal action against the proposal, and asking advertisers to boycott the platform. MLB Hall of Famer Dennis Eckersley's family calls the circumstances that led to his daughter's arrest "heartbreaking" after she allegedly misled investigators about the location of her newborn son she . [132][133][134], On March 2, 2021, Rocket Mortgage saw a more than 70 percent spike in its stock price during the GameStop short squeeze due to a surge in trading following discussion of the company on r/wallstreetbets,[135][136] but the Rocket Mortgage stock price reverted back to its pre-surge level the next day. [225][226] On July 1, an investment management group affiliated with the pension funds of Strategic Organizing Center labor unions wrote a letter to the SEC requesting that the agency investigate Tesla for violating the terms of the October 2018 settlement with the agency after the company disclosed in its annual proxy statement (filed with the SEC the previous month) that Oracle Corporation CEO Larry Ellison did not intend to stand for re-election as company chairman and that the company did not intend to replace his seat on the board (thereby reducing its size). [32], For his work to reform the financial regulatory system, The Institute for the Fiduciary Standard awarded Gensler with the 2014 Tamar Frankel Fiduciary Prize. Gensler testified on Cryptocurrencies: Oversight of New Assets in the Digital Age before the U.S. House of Representatives Committee on Agriculture on July 18, 2018. 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