[14] When the Treasury Department released draft legislation to bring regulatory oversight to the swaps market, Gensler sent a letter to Congress arguing that the proposal did not go far enough.[26]. [14][23] Gensler was sworn in on May 26, 2009, pledging to work to "urgently close the gaps in our laws to bring much-needed transparency and regulation to the over-the-counter derivatives market to lower risks, strengthen market integrity and protect investors". [254], Gensler won the MIT Sloan Outstanding Teacher Award based upon student nominations for the 201819 academic year. TV Shows. Following is the unofficial transcript of a CNBC exclusive interview with SEC Chair Gary Gensler on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today, Monday, October 3 rd. By the spring of 2010, the momentum in Congress was toward Gensler's vision for derivatives oversight,[13] and Congress passed comprehensive reform as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010. Since taking office in April 2021, Gensler has made the enforcement of regulations in the cryptocurrency . [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. [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. Gary Gensler is among those changing that. 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. Gensler previously worked as an Undersecretary of the Treasury in the Clinton administration, where he worked on financial industry regulation. Gensler's piece was apparent face-saving from a blistering takedown of his "cryptocurrency confusion" by law professor J.W. [220][221] On May 24, Reuters reported that since the April 2019 amended settlement between Musk and the SEC, agency officials have consciously chosen not to pursue legal action against Musk for violating the terms of the agreement and to write letters urging compliance instead due to remarks made by the presiding judge during the case. . [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. He joined Goldman Sachs, where he spent 18 years. . Don't You Believe It", "An Ex-Goldman Man Goes After Derivatives", "CFTC chief Gary Gensler is out to police financial Wild West", "President Clinton Names Gary Gensler as Under Secretary for Domestic Finance at the Department of the Treasury", "Goldman Alum Who's Trying to Fix Wall Street", "Investment Bankers Play Football's Newest Position", "President-elect Obama announces choices for SEC, CFTC and Federal Reserve Board", "At Center of Derivatives Debate, a Gung-Ho Regulator", "Remarks of CFTC Chairman Gary Gensler Swearing-In Ceremony", "Swaps regulator Gensler: banker turned Wall Street scourge", "Gary Gensler defends record as he leaves CFTC", "Remarks of Chairman Gary Gensler before the ISDA European Conference", "Libor Case Energizes a Wall Street Watchdog", "Q&A: what is Libor and what did the banks do to it? Congress. [57], On June 7, U.S. [229][230] On July 12, Twitter Inc. filed a lawsuit against Musk in the Delaware Court of Chancery to enforce the acquisition agreement. He was an undersecretary of domestic finance and assistant secretary of . [98][99][100] In 2021 and 2022, an index constructed by researchers at the University of Cambridge showed that bitcoin mining consumed more electricity during the course of the year than the entire nations of Argentina (a G20 country) and the Netherlands. Sadly, they had their tragic separation when Francesca has an untimely death n 2006 of breast cancer. Forbes, which recognized her in 2021 as one of the thirty most promising entrepreneurs under. He also is a mountain climber . He's on . Gensler was Undersecretary of the Treasury (1999-2001) and Assistant Secretary of the Treasury (1997-1999) in the United States. 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. Rumors have surfaced that SEC chairman Gary Gensler helped. [18] His nomination was officially sent to the U.S. Senate on January 20, 2009. [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. Company Documents Reveal a Secret Elite That's Exempt", "Facebook documents show how toxic Instagram is for teens, Wall Street Journal reports", "Whistleblower: Facebook is misleading the public on progress against hate speech, violence, misinformation", "Facebook whistleblower reveals identity, accuses the platform of a 'betrayal of democracy', "Facebook Whistleblower Testifies on Protecting Children Online", "Facebook whistleblower: The company knows it's harming people and the buck stops with Zuckerberg", "Facebook to change corporate name to Meta", "Facebook whistleblower alleges executives misled investors about climate, covid hoaxes in new SEC complaint", "Sen. Elizabeth Warren calls on SEC to investigate Trump SPAC deal with DWAC for possible securities violations", "Trump announces social media platform launch plan, SPAC deal", "Shares of Trump-linked SPAC close up 350% following news of social media deal", "Trump's $300 Million SPAC Deal May Have Skirted Securities Laws", "Trump SPAC under investigation by federal regulators, including SEC", "Influencers beware: promoting the wrong crypto could mean facing a class-action lawsuit", "Donald Trump left the board of his social media company weeks before federal subpoenas, filing shows", "Exclusive: Trump left Sarasota media company weeks before federal subpoenas were issued", "SEC expands investigation into Donald Trump's Truth Social", "Trump SPAC deal threatened by federal criminal probe", "Trump media company subpoenaed in federal criminal probe of SPAC deal", "Amazon sues thousands of Facebook group administrators over fake reviews", "Amazon Sues Facebook Group Administrators Over Fake Reviews", "Elon Musk says he's using a Twitter poll to determine the future of 10% of his Tesla shares", "Elon Musk's Tesla Share-Selling Spree Tops $10 Billion", "Elon Musk has now sold more than $10 billion in Tesla stock, part of a record wave of CEOs cashing out", "Tesla shares fall into bear market territory after SEC reportedly opens probe into solar panel defects", "Tesla shares surge 10% after Elon Musk shocks market with tweet about going private", "SEC charges Tesla CEO Elon Musk with fraud", "Elon Musk agrees to pay $20 million and quit as Tesla chairman in deal with SEC", "Elon Musk tweeted, then revised, Tesla financial guidance. Testimony. [210][211] On April 30, Musk filed an amicus brief along with Dallas Mavericks team owner Mark Cuban in support of a petition to the U.S. Supreme Court by a former chief financial officer at Xerox to review a 2003 settlement the Xerox CFO made with the SEC that includes a gag order that the plaintiff argues is in violation of his First Amendment right to freedom of speech. . [39] On April 19, 2021, the Senate confirmed Gensler to a 5-year term through 2026 by a vote of 5445. Caroline Ellison is the daughter of Glenn Ellison, director of the MIT economics department and former colleague of Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), who is now investigating the FTX and Alameda scandal. [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. In 1984, he assumed responsibility for the firm's . Gary Gensler's ex-wife is non-other than Francesca Danieli, a filmmaker and photo collagist by profession. Video interview with David Ignatius. Feb 10, 2022 2:24 PM PST. [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. He was the Under Secretary of the Treasury for Domestic Finance (19992001), and the Assistant Secretary of the Treasury for Financial Markets (19971999). [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. $3.99 delivery Jan 31 - Feb 22 . Gary Gensler is the Undersecretary of Treasury for Domestic Finance. SEC chairman Gary Gensler has something that many in Washington often lack: knowledge of the technology he's trying to regulate. SEC Chair Gensler Talks Registration of Security-Based Swap Execution Facilities. He has three daughters. Gary Gensler resides with his three kids, daughters named Anna, Lee, and Isabel, in Baltimore. [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. [120] On April 12, Alphabet Inc., Meta Platforms, Shopify, McKinsey & Company, and Stripe, Inc. announced a $925 million advance market commitment of permanent carbon removal from companies that are developing the technology over the next 9 years. [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. Gensler was Hillary Clinton's Campaign CFO and funded the notorious Trump-Russia lie. SEC Chair Gary Gensler told CNBC Wednesday that many crypto assets are considered securities, a definition that would place hundreds of coins within the $1.6 million cryptocurrency market under . Tom WilliamsCQ-Roll Call/Getty Images. ", "CFTC's Gensler says Libor 'unsustainable', "Gary Gensler, Former Commodity Futures Trading Commission Chairman, Wins Frankel Fiduciary Prize", "Financial Consumer Protection Commission, Maryland", "The Maryland Financial Consumer Protection Act of 2018 significantly increases state regulation", "Bill Would Provide Protections to Student Loan Borrowers", "Brown Statement at Executive Session to Vote on Nominees and Subcommittees", "On the Nomination (Confirmation: Gary Gensler, of Maryland, to be a Member of the Securities and Exchange Commission)" United States Senate, April 14, 2021, "On the Nomination (Confirmation: Gary Gensler, of Maryland, to be a Member of the Securities and Exchange Commission)" United States Senate, April 20, 2021, "Senators demand cryptocurrency regulation guidance from SEC Chair Gary Gensler", "The SEC is 'short-staffed' and it needs more help to tackle everything from crypto to China, Gensler says", "Gensler compares cryptocurrency market, regulations to 'wild west', "Securities and Exchange Commission Oversight Hearing", https://www.washingtonpost.com/washington-post-live/2021/09/21/path-forward-cryptocurrency-with-gary-gensler-us-securities-exchange-commission-chair/, "Bitcoin jumps to nearly 5-month high, topping $55,000 on Wednesday", "Oversight of the U.S. Securities and Exchange Commission: Wall Street's Cop Is Finally Back on the Beat", "The SEC is poised to allow the first bitcoin futures ETFs to begin trading, source says", "First bitcoin futures ETF to make its debut Tuesday on the NYSE, ProShares says", "What the SEC chair's comments on crypto mean for a possible bitcoin ETF", "SEC Chairman Gary Gensler embarks on ambitious regulatory agenda. The Senate on Wednesday confirmed President Joe Biden's nomination of Gary Gensler, a former Goldman Sachs banker and a forceful commodities regulator under former President Barack Obama, to head . Senator Barbara Mikulski, former Lieutenant Governor Kathleen Kennedy Townsend, and Governor Martin O'Malley. [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. Gary Gensler blew it again. [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. [190][191], On March 8, Musk filed a motion with the court to have the 2018 settlement with the SEC terminated. The SEC reportedly met with FTX and former CEO Sam Bankman-Fried several times before the crypto firm filed for bankruptcy. [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. Gensler also served as the CFO for the Hillary Clinton 2016 presidential campaign. [29], Gensler led a revitalization of the enforcement division of the agency, most notably in its prosecution of an enforcement case regarding manipulation of Libor, the London interbank offered rate. [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). [8] Under Gensler, the bipartisan commission reached unanimous votes to approve more than 70percent of the agency's rulemakings. Gary Gensler (born October 18 . [14], Then-President-elect Barack Obama announced his intent to nominate Gensler to serve as the 11th chairman of the CFTC on December 18, 2008. [141][142][143] Also in October 2021, eight whistleblower complaints alleging securities fraud by Facebook, Inc. were filed anonymously with the SEC by Whistleblower Aid on behalf of former company employee Frances Haugen after Haugen leaked thousands of company documents to The Wall Street Journal the previous month. His . In a newer 2020 disclosure, Gensler says he expects to receive $977 a month, or $11,724 a year, to begin when he is 71. The book uses empirical data to show that the average mutual fund consistently underperforms the market. Gensler served as treasurer of the Maryland Democratic Party for two years,[9] and held several senior roles on the Maryland campaigns of U.S. Does that violate his SEC accord? [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. During his MIT career, Gensler was in close connection with Glenn Ellison and FTX CEO Caroline Ellison is the daughter of Glenn Ellison. He won the MIT Sloan Outstanding Teacher Award based . Join the most important conversation in crypto and Web3 taking place in Austin . [83][84] On May 12, FTX CEO Sam Bankman-Fried disclosed a Schedule 13D filing with the SEC to buy a 7.6 percent ownership stake in Robinhood Markets. [245][246], In a complaint filed by Whistleblower Aid with the SEC, the U.S. Justice Department, and the Federal Trade Commission on July 6, former Twitter security officer Peiter Zatko alleged that specific Twitter executivesincluding Parag Agrawal and certain board membershave repeatedly made false and misleading statements to its board, shareholders, users, regulators, and the public about privacy, security, and content moderation on the platform since 2011 in violation of the Federal Trade Commission Act of 1914 and SEC disclosure rules including misrepresentations to Musk during the course of the acquisition bid (citing Agrawal's May 16 tweet detailing company policies for addressing fake and spam accounts).[247][248]. "FTX and SBF BREAKDOWN (Thread) MIT: - Glenn Ellison, Dept. Gensler also received a $1,000 honorarium, a voluntary payment, by the World Bank on November 20 2019. Lead Producer: Sophie Erickson Producers: Zach Goldbaum, Caity Gray Assoc. [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. [121][122] On May 19, after Tesla was removed from the S&P 500 ESG Index by S&P Dow Jones Indices, Tesla CEO Elon Musk posted a tweet to his Twitter account criticizing the decision and, in noting that ExxonMobil was rated within the top 10 constituent companies in the index by weight, accused ESG of being a scam. Gary Gensler's Links With Alameda Research CEO Amid all the chaos that erupted in the crypto market over the last two weeks, there is a close connection between the FTX founder and SEC chair Gary Gensler. [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). . [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. [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. People profiles. During his time at MIT, Gensler worked closely with Glenn Ellison. Sadly, they had their tragic separation when Francesca has an untimely death n 2006 of breast cancer. [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). [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. [249] The book argues that actively-traded mutual funds carry high fees and lower-than-market returns, and investors should instead rely on low-fee index funds rather than constantly attempt to beat the market. 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. [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). Today [April 6], the Commission is considering a proposal to create a framework for the registration of security-based swap execution facilities (security-based SEFs). [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. Gary Gensler resides with his three kids, daughters named Anna, Lee, and Isabel, in Baltimore . [34] Under Gensler's leadership, the Commission recommended changes to State law to enhance consumer financial protections, including enhancing standards of care, clarifying State law to set standards for student loan servicers, and protecting Maryland buyers of manufactured homes. Producer: Andrea Betanzos Sound Engineer & Editor: Miguel Carrascal Senior Digital Producer: Freddie Morgan Gary Gensler was born in October 1957 in Baltimore, Maryland. In his remarks, he explained how blockchain technology has the potential to transform the world of finance. Department staff Gensler is a runner and has finished nine marathons and one 50-mile ultramarathon. Gensler, who was appointed as SEC chair in 2021, has three daughters: Anna, Lee and Isabel. 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" 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. [12] As an undergraduate, Gensler joined the University of Pennsylvania crew team as a coxswain, dropping his weight to 112 pounds to keep the boat at its proper weight. [207] On April 25, the Twitter board of directors unanimously agreed to Musk's acquisition proposal at $44 billion. [105], On February 7, 2022, the NewClimate Institute, a German environmental policy think tank, published a survey evaluating the transparency and progress of the climate strategies and pledges announced by 25 major companies in the United States that found that the climate pledges of Alphabet, Amazon, and Apple were unsubstantiated and misleading. [59] On January 12, 2023, the SEC filed a complaint in Southern New York U.S. District Court that Genesis and Gemini of offering and selling unregistered securities. 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. Interestingly, Alameda Research CEO Caroline Ellison is the daughter of Glenn Ellison. [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). On King's Holiday, Daughter Calls . Emphasizing that "there are many technical and commercial challenges yet to overcome, I'm an optimist and . Before joining the SEC, Gensler was professor of the Practice of Global Economics and Management at the MIT Sloan School of . [152], On November 18, 2021, U.S. Leather Bound. [101][102][103] On February 8, 2021, Tesla, Inc. disclosed to the SEC that it purchased $1.5 billion worth of bitcoin. [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. Gary Gensler, SEC Chairman. Internet searches showed no immediate relationships between them and FTX. Gensler was the chairman of the Commodity Futures Trading Commission.He served during the Obama administration from 2009 to 2014. Gary Gensler is a Professor of the Practice of Global Economics and Management, MIT Sloan School of Management; senior advisor to the director, MIT Media Lab; and co-director of MIT's Fintech@CSAIL.