Gary Gensler, the 33rd Chair of the U.S. Securities and Exchange Commission (SEC), will step down from his role on 20 January 2025 at noon, the agency announced Thursday.
SEC Chair Gary Gensler to Step Down on 20 January
Gensler, who has led the SEC since April 2021, departs after a tenure marked by various reforms and enforcement actions aimed at safeguarding investors and enhancing efficiency.
Appointed by President Biden in the aftermath of the GameStop market volatility, Gensler has spearheaded several regulatory updates.
His leadership brought reforms to the $28 trillion U.S. Treasury markets and the first significant updates to the $55 trillion equity markets in nearly two decades.
The SEC said that among his accomplishments was the adoption of rules promoting central clearing in Treasury markets and shortening the settlement cycle for equities to one day.
Under Gensler’s watch, the SEC launched over 2,700 enforcement actions, securing $21 billion in penalties and returning $2.7 billion to harmed investors.
The commission added that he also strengthened the oversight of the crypto industry, targeting fraud and regulatory violations.
“It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world,” Gensler remarked, thanking President Biden and his fellow commissioners.
Gensler’s tenure also saw advancements in corporate governance and enhanced transparency in disclosures.
His efforts with the Public Company Accounting Oversight Board are said to have improved audit standards and oversight, particularly regarding China-related companies.
Prior to his SEC role, Gensler held leadership positions at the U.S. Commodity Futures Trading Commission and worked at Goldman Sachs, where he became a partner in the Mergers & Acquisition department.
