[149][150] After the company renamed itself as Meta Platforms,[151] Whistleblower Aid filed two additional securities fraud complaints with the SEC against the company on behalf of Haugen in February 2022. [8] By the time Gensler left the CFTC in January 2014, the agency was near completion of the rule-writing process to implement the Dodd-Frank Act. Gensler did further subterfuge at the 2021 Aspen Security Forum by falsely claiming that Howey is a "three part" test, when it is in fact four. [79], On January 27, 2022, Southern Florida U.S. District Court Judge Cecilia Altonaga dismissed a lawsuit filed by investors against Robinhood Markets for acting negligently during the GameStop short squeeze. [159][160] On June 14, DWAC disclosed that the SEC issued a subpoena for additional company documents and information about the merger. [239][240] On July 22, Twitter released its earnings report for the second quarter of 2022 that showed a 1 percent decline in year-over-year company revenue and that company earnings were lower than analysts' expectations (which the company partially attributed to uncertainty created by the acquisition agreement). . November 18th, 2021, 2:18 AM PST. Does that violate his SEC accord? . Gensler is a runner and has finished nine marathons and one 50-mile ultramarathon. Rachana Shanbhogue (2021) "A three-way fight to shape the future of digital finance has begun". . [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. [137][138] On September 14, Gensler announced the imminent release of an agency report on the short squeeze in testimony before the U.S. Senate Banking, Housing, and Urban Affairs Committee. He probably shouldn't have", "Elon Musk might be held in contempt of court over a Tesla tweet", "Elon Musk and SEC reach an agreement over tweeting", "US SEC commissioner decries agency's deal with Tesla's Musk", "Elon Musk claims Tesla solar production will jump. [92][93][94], On January 28, 2021, Microsoft disclosed an investment in Climeworks, a direct air capture company,[95][96][97] one year after the company announced a strategy to take the company carbon negative by 2030 and to remove all the carbon from the environment the company has emitted since 1975 by 2050. His . He is a member of the New York Fed Fintech Advisory Group, a group of experts in financial technology that regularly presents views and perspectives on the topic to the president of the New York Fed. REUTERS/Jose Luis Magana/File If Gary Gensler sounds a lot like Elizabeth Warren, it's not by accident but by design. Gary Gensler's ex-wife is non-other than Francesca Danieli, a filmmaker and photo collagist by profession. Gary Gensler, who led the Commodity Futures Trading Commission during the Obama administration from 2009 to 2014, will be President-elect Joseph R. Biden Jr.'s nominee to lead the Securities and . [117][118] On the same day, The Wall Street Journal criticized Gensler for proposing legislation requiring public companies to disclose climate risks. [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. [5] He succeeded SEC Acting Chair, Allison Lee. CHICAGO, Dec. 18 (UPI) -- Gary Gensler, President-elect Barack Obama 's choice to lead the Commodity Futures Trading Commission, would return to Washington if confirmed by the Senate. Interestingly, Alameda Research CEO Caroline Ellison is the daughter of Glenn Ellison. Gensler lives in Baltimore with his three daughters, Anna, Lee and Isabel. Provided by Dow Jones. December 14, 2022, 6:09 AM PST. [212], On May 13, Musk posted a tweet that his acquisition of Twitter would be put on hold until statistics about spambots and fake accounts on Twitter were verified,[213][214] while the SEC and the Federal Trade Commission began investigations of Musk for violating filing deadlines for his Twitter passive ownership stake and his subsequent company acquisition proposal respectively. [243][244] On July 26, Twitter disclosed in filing with the SEC that the company had scheduled a shareholder meeting on September 13, 2022, to vote on the acquisition agreement. Mr. Gensler was most recently a partner of the international investment banking firm, The Goldman Sachs Group, L.P. Mr. Gensler joined Goldman Sachs in 1979 in the Mergers & Acquisition Department. [51], The Economist identified the risks presented by decentralised finance and crypto-assets valued at $2.5 trillion as a challenge for Gensler in 2022, and noted his experience in teaching blockchain technology. [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). Gensler was . Gensler is a runner and has finished nine marathons and one 50-mile ultramarathon. In 2018, student loan legislation recommended by the Commission established a student loan ombudsman, added the federal Military Lending Act and the federal Servicemembers Civil Relief Act to state law, increased civil monetary penalties for violations, and codified some modifications on debt collection laws. Gary Gensler, nominated to head the Securities and Exchange Commission, previously ran the Commodity Futures Trading Commission and is a former Goldman Sachs banker. [167][168] On December 6, the SEC opened an investigation of Tesla in response to a whistleblower complaint alleging the company did not properly disclose to its shareholders fire risks associated with its solar panels. [241][242] On July 25, Tesla disclosed in a filing with the SEC that the company had received a second subpoena from the agency on June 13 with respect to the 2018 settlement. [109] On June 30, 2021, Amazon released its annual company annual sustainability report that showed that company net carbon emissions grew by 19 percent from 2019 to 2020. During his MIT career, Gensler was in close connection with Glenn Ellison and FTX CEO Caroline Ellison is the daughter of Glenn Ellison. [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 an investor, public official, and Democratic Party activist nominated to serve as Chairman of the Securities and Exchange Commission (SEC) by President Joe Biden. Head of Economics - Gary Gensler, SEC Head and former Prof. of Economics Family: - Caroline Ellison, CEO of Alameda, daughter of Glenn - Sam Bankman-Fried, CEO of FTX, son of Joseph Bankman and Barbara Fried" Producer: Andrea Betanzos Sound Engineer & Editor: Miguel Carrascal Senior Digital Producer: Freddie Morgan [224], On June 6, Musk's attorneys disclosed a letter to the SEC accusing Twitter executives of a material breach of contract due to lack of information provided about fake and spam accounts and claimed to reserve Musk's right to terminate the merger agreement (despite Musk waiving due diligence in his offer to buy the company on April 14). Before joining the SEC, Gensler was professor of the Practice of Global Economics and Management at the MIT Sloan School of . [169] On February 7, 2022, Tesla disclosed in a filing to the SEC that the agency had issued a subpoena to the company for information about company governance policies to comply with an October 2018 settlement with the agency in a securities fraud lawsuit over a tweet Musk posted on his Twitter account about taking Tesla private in August 2018 that the agency subsequently requested that Musk be held in contempt of court for violating in February 2019 (that resulted in an amended settlement the following April),[list 4] and that the agency sent letters to the company in 2019 and in 2020 warning the company that tweets Musk posted in July 2019 and in May 2020 were in violation of. [21], As Undersecretary of the Treasury for Domestic Finance, Gensler advised and assisted Treasury Secretaries Robert Rubin and Lawrence Summers on aspects of domestic finance, including formulating policy and legislation in the areas of financial institutions, public debt management, capital markets, government financial management services, federal lending, fiscal affairs, government sponsored enterprises, and community development. [58] At a conference hosted by The Wall Street Journal on June 14, Gensler expressed concern that the Lummis-Gillibrand bill could inadvertently undermine stock market and mutual fund protections, noted that cryptocurrency companies were already engaging in behaviors overseen by the SEC, and argued that some digital assets are securities necessitating oversight from the SEC rather than commodities (even if the overwhelming majority of tokens offered by cryptocurrency exchanges are commodities). Gensler previously worked as an Undersecretary of the Treasury in the Clinton administration, where he worked on financial industry regulation. [30], Early in his tenure, Gensler listened to tape recordings of two Barclays employees as they discussed plans to report false interest rates in an effort to manipulate Libor. . $54.95 $ 54. [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. Gary was a member of the Treasury Department's Advisory Committee on the Auditing Profession in 1998. Gary Gensler (born October 18, 1957) is an American government official and former investment banker serving as the chair of the U.S. 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. [231] On July 14, the SEC disclosed a letter sent to Musk on June 2 for additional information about his 13D filing on April 5. [2] Prior to his appointment, he was professor of Practice of Global Economics and Management at the MIT Sloan School of Management.[3]. In his remarks, he explained how blockchain technology has the potential to transform the world of finance. Featuring, in order of appearance: Gary Gensler Executive Produced by Jon Stewart, Brinda Adhikari, James Dixon, Chris McShane, and Richard Plepler. I am very pleased to have my family here with me today: my wife, Francesca; my three daughters, Anna, Lee and Isabel; my parents, Sam and Jane Gensler; and my twin brother Robert. Associated Items 5 items Date Program or Publication Format 11/4/2022 54th Annual Institute on Securities Regulation On-Demand 9/13/2022 The SEC Speaks in 2022 Lead Producer: Sophie Erickson Producers: Zach Goldbaum, Caity Gray Assoc. [list 5], On February 17, Musk's attorneys filed a letter with the presiding judge in the 2018 settlement alleging that the SEC was attempting to chill his First Amendment right to freedom of speech and that the SEC had failed to pay Tesla shareholders the $40 million in fines the agency had assessed from him and the company under the terms of the settlement,[183][184] which the SEC disputed in a letter filed with the court in response on February 18. Gary Gensler's controversial tenure as chairman of the Securities and Exchange Commission could reach peak drama over a 45-minute Zoom call with Sam Bankman-Fried, the former crypto wunderkind. [list 2] On July 20, the Social Science Research Network released a preprint written by economists Maureen O'Hara, Robert P. Bartlett, and Justin McCrary that suggested that Robinhood Markets traders caused a surge in trading volume of Berkshire Hathaway Class A shares in February and March 2021. . Feb 10, 2022 2:24 PM PST. The SEC reportedly met with FTX and former CEO Sam Bankman-Fried several times before the crypto firm filed for bankruptcy. [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. None of them are the former or current CEO of cryptocurrency exchange FTX. He was an undersecretary of domestic finance and assistant secretary of . Gary Gensler resides with his three kids, daughters named Anna, Lee, and Isabel, in Baltimore. . [77] In response to record stock sales by CEOs and other corporate executives that year,[78] Gensler proposed an agency rule for a mandatory 120-day window for corporate executives who are changing existing or adopting new portfolio managements plans on December 15. [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. Gensler's role as a professor at MIT is widely known. [15] He subsequently made the transition to trading and finance[16] in Tokyo,[8] where he directed the firm's fixed income and currency trading. Forbes, which recognized her in 2021 as one of the thirty most promising entrepreneurs under. Senator Paul Sarbanes, chairman of the Senate Banking Committee, as a senior advisor and helped write the Sarbanes-Oxley Act, which tightened accounting standards in the wake of the Enron and WorldCom scandals. [11], Gensler served on the board of for-profit university Strayer Education, Inc. from 2001 to 2009.[20]. In 1984, he assumed responsibility for the firm's . [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. He raised three daughters alone after his wife died from cancer in 2006. Chair Gensler must provide answers to Congress and the American people." Congressman McHenry described: This is yet another example of Chair Gensler's hypocritical mismanagement of the SEC. [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. [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. [15], While serving at the Treasury Department, Gensler was awarded the agency's highest honor, the Alexander Hamilton Award, for his service. In fact, the SEC chair gave a course on 'Blockchain And Money', which explores potential use of blockchain technology. Is Called Signal to Possible Donors", "Filmmaker and Honored Photo Collagist Francesca Danieli, 52", https://en.wikipedia.org/w/index.php?title=Gary_Gensler&oldid=1133373829, This page was last edited on 13 January 2023, at 13:14. [76] On December 2, the SEC finalized a rule to implement the Holding Foreign Companies Accountable Act. [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. [190][191], On March 8, Musk filed a motion with the court to have the 2018 settlement with the SEC terminated. [22] After some initial opposition to Gensler's nomination amongst the progressive members of the Democratic caucus, Gensler was approved by the U.S. Senate in an 886 confirmation vote. [113][114][115] On February 15, ConocoPhillips announced a pilot program to sell its flare gas to a company operating a bitcoin mine in the Bakken Formation region of North Dakota as part of an industry initiative to reduce routine flaring to zero by 2030. [8] Under Gensler, the bipartisan commission reached unanimous votes to approve more than 70percent of the agency's rulemakings. [46][47] On October 15, the SEC approved the first bitcoin futures exchange-traded fund (ETF) in the United States after Gensler announced support for doing so the previous August. [218][219], On the same day, Twitter submitted a new filing with the SEC that stated that Musk had met with Twitter executives for three days before he announced his acquisition proposal. [6] Gensler has called Libor "unsustainable" and argued that it should be replaced as a benchmark rate. [40], On September 14, 2021, Gensler testified before the U.S. Senate Banking, Housing, and Urban Affairs Committee that the SEC was in need of large staffing increases to address regulatory concerns related to cryptocurrencies and other digital assets,[41][42] and Gensler likened the cryptocurrency market to a "Wild West". [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. [66][67][68] On June 9, Gensler announced that the SEC would review market structure following the GameStop short squeeze and the AMC Entertainment Holding, Inc. meme stock short squeeze,[69] and Gensler signaled in an interview with Barron's the following August that a complete ban on payment for order flow was being considered by the review. [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. [6], Gensler graduated from Pikesville High School in 1975,[9] where he was later given a Distinguished Alumnus award. Ray, the new CEO, was born just two years after Gensler, making the alleged family relationship impossible. Gary Gensler is the Undersecretary of Treasury for Domestic Finance. [71] On June 30, Robinhood Markets agreed to pay $70 million to settle a lawsuit filed by the Financial Industry Regulatory Authority (FINRA) that alleged that the company had misled its customers, approved ineligible and inexperienced traders for options strategies, and did not supervise its technology properly to prevent outages. [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). [192][193] On March 22, the SEC filed a response to Musk's March 8 filing requesting that Judge Nathan deny Musk's motion, that its subpoenas were lawful, and disclosed that the agency was investigating Musk for his November 2021 tweet. [203][204], On April 15, Northern California U.S. District Court Judge Edward M. Chen ruled in a lawsuit filed by Tesla shareholders against Musk and the company that his August 2018 tweet was a knowingly made false statement of fact (the day after Musk stated at the 2022 TED conference that it was not). [75] On August 27, the SEC launched a review of strategies and practices used by online brokers and investment advisors that promote user engagement with trading gamification. The Senate approved him in a 53-to-45 vote, with nearly all Republicans . He needs the powerful progressive senator in his corner to fulfill his. Senator Barbara Mikulski, former Lieutenant Governor Kathleen Kennedy Townsend, and Governor Martin O'Malley.
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