HuffPost reporter Zach Carter on Wednesday called President-elect Joe Biden’s expected nomination of Gary Gensler to chair the Securities and Exchange Commission (SEC) “great news” for the incoming administration.
“I think this is great news for the Biden administration’s approach to economic management,” Carter said in a Hill.TV interview.
Carter added that Gensler “was easily the best bank regulator in the Obama administration” in his position overseeing derivatives.
“It was a big job trying to clean up the derivatives market. He got a lot of flack from Wall Street and unlike just about everybody else in the administration, he didn’t cater to Wall Street,” added Carter. “He actually stood up to them and implemented some pretty good rules. So I think having him at the SEC means the SEC will actually do something.”
Over the last few decades, Carter added, the SEC has been “not a particularly powerful agency… it doesn’t enforce the law very effectively, and just in terms of pure enforcement, having someone like Gensler there who believes that big corporations have to play by the rules, I think is good news.”
Carter went on to say the appointment suggested Biden was positioning himself to deviate from the Obama administration on what he said were among their biggest fiscal and financial policy mistakes, such as lack of accountability for financial malfeasance and embrace of austerity.
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