Staff Reports
Securities and Exchange Commission (SEC) Chair Gary Gensler is waving goodbye to his seat at the big table, planning to pack his bags and head out the door when President-elect Donald Trump takes office on January 20. Gensler, who took over the helm right after the infamous GameStop trading incident, seemed to have a swell time leading the agency, although the phrase “mission-driven” could easily be construed as code for bureaucratic bloat.
In an obligatory parting press release, Gensler showered praise on the SEC staff, calling them devoted public servants and pillars of integrity. He insisted it was an honor to oversee such a distinguished agency — the same agency that many on the right argue has twisted itself into knots attempting to regulate cryptocurrencies while ignoring larger issues in the financial market. Nevertheless, Gensler expressed gratitude to President Joe Biden for the temporary gig, which many would argue was more of a tough job than a privilege.
Gary Gensler officially resigns from the SEC effective Trump's inauguration day
Maybe the next SEC chair will actually stop stock market manipulation and illegal naked shorting instead of trying to throw retail investors under the bus for supporting heavily shorted equities like… pic.twitter.com/OHDKszZj45
— The Butcher of Wall Street Marcel Kalinovic (@BossBlunts1) November 21, 2024
Since taking the reins, Gensler has been viewed as a poster child for the Biden administration’s heavy-handed regulatory agenda. Conservatives have often scoffed at the SEC’s moves under his watch, pushing for greater control over trading practices that seemed more like an attempt to nanny investors rather than protect their interests. Gensler claimed to be on a mission for everyday Americans, yet many would argue his policies felt more like a warm blanket for Wall Street elites than a safety net for the common folk.
Gensler’s departure was as scripted as a soap opera, appearing alongside other expected exits from the Biden administration. FCC Chair Jessica Rosenworcel also announced her impending exit, which led to Trump reinstating Brendan Carr as the next chairman of the FCC – a move that has conservatives chuckling in anticipation of rolling back some of the left’s more absurd regulatory positions.
In the grand scheme of things, Gensler’s exit reflects the inevitable changing of the guard, where regulatory policies (or lack thereof) often mirror the political climate. With Trump back in the driver’s seat, it could lead to a decidedly new approach to financial regulations, much to the chagrin of Gensler’s cheerleaders. Whether this shift signifies a bright new era for investors or merely a return to the norms of less regulation remains to be seen. What’s almost guaranteed, however, is that January 20 won’t just be a date; it’ll mark a seismic shift for the SEC.
