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Biden Administration International Affairs Personnel Tracker
Gary Gensler
Chair of Securities and Exchange Commission
Gary Gensler is Chair of Securities & Exchange Commission (SEC) since April 14, 2021. Gensler was a professor at the MIT Sloan School of Management, Co-Director of MIT’s Fintech@CSAIL & Senior Advisor to the MIT Media Lab Digital Currency Initiative. He was chairman of the Maryland Financial Consumer Protection Commission from 2017 to 2019.
Gensler led the Federal Reserve, Banking and Securities Regulators agency review of the Biden-Harris transition team. He served as chairman of the U.S. Commodity Futures Trading Commission (CFTC) from 2009 to 2014, leading the Obama administration’s reform of the $400 trillion swaps market. He also was senior advisor to Senator Paul Sarbanes in drafting the Sarbanes-Oxley Act. At the U.S. Department of Trade, Gensler served as Under Secretary of the Treasury for Domestic Finance from 1999-2001 and as Assistant Secretary of Financial Markets from 1997 to 1999. Prior to his public service, Gensler worked as a partner at Goldman Sachs.
On China
Gensler made references to use cases for blockchain technology in China during his teaching at MIT, in his article discussing the potential of blockchain and in his oral statement in front of the Financial Services Committee. His familiarity with fintech can play a crucial role in the continued tech rivalry between the United States and China.
On U.S.-listed Chinese Companies
On July 29, 2021, the SEC temporarily halted approval of new Chinese IPOs to ask for more disclosure. In a July 30, 2021 statement, Chair Gensler said that he has asked staff to seek a number of disclosures from China-based companies before proceeding an IPO in the U.S. The disclosure required include whether the China-based company received or were denied permission from China to list on U.S. exchange and whether the Public Company Accounting Oversight Board would be allowed to inspect the issuer’s public accounting firm according to current regulations.
On September 20, 2021, the SEC issued a warning to those looking to invest in U.S.-listed companies with Chinese contractors, known as variable interest entities (VIEs).
On October 2, 2021, Gensler announced the start of a three-year countdown on delisting Chinese companies that refuse to have their audit records reviewed by U.S. regulators.
- On December 2, 2021, the SEC mandated that Chinese companies list on American stock exchanges must disclose if they are publicly-owned and turn over evidence of their auditing inspections.
Notable Speeches, Testimony & Commentary
- During a December 2019 panel discussion among policy experts, Gensler commented on Chinese online payment processors WeChat and Alipay and the regulator’s attempt to catch up with their momentum:
- “[Regulators have] not only changed the regulations three times, in six- and 12-month increments, but now the People’s Bank of China is trying to offer its own digital currency/electronic payments. I think it’s in response because the central bank there is saying that we maybe have to get ahead of big tech.”
- Regarding the International Symposium and Training Program on Regulation of Derivative Products, Markets and Financial intermediaries, October 18-23, 2009, Gary Gensler, then the Chairman of CFTC, remarked: ““International coordination is essential to ensure comprehensive regulation of the derivatives marketplace.”
Media Commentary & Public Perceptions
- U.S. Congressman Patrick McHenry, “McHenry Statement on Nomination of Gary Gensler to Lead the SEC,” January 18, 2021:
- “Gary’s acceptance of financial technology and cryptocurrency is a welcome change from many Democrats who avoid innovation just because they don’t understand it. I will continue to encourage the SEC to provide regulatory clarity to enhance collaboration to keep pace with the evolving nature of digital assets and, if Mr. Gensler is confirmed by the Senate, I am willing to work with him towards that end.”
Page Last Updated: January 14, 2022
*None of the personnel in this tracker are associated with the Institute for China-America Studies. All images used on this page are sourced from the official Biden-Harris transition website buildbackbetter.gov or the public domain.*
