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November 06, 2020 at 06:37 PM
Former Commodity Futures Trading Commission Chairman Gary Gensler and KeyBank NA executive Don Graves have been tapped to examine financial regulators as part of Joe Biden’s presidential transition, according to a person familiar with the matter.
Gensler’s presence is likely to please progressive Democrats, as he gained a reputation for standing up to Wall Street during the Obama administration.
He also implemented a new regulatory regime for swaps — products that played a key role in the 2008 financial crisis.
Gensler is a former Goldman Sachs Group Inc. partner, giving him insight into how the industry works and how it tries to dodge oversight.
He is close to Biden transition co-chair Ted Kaufman, as the two worked together to push for tougher Wall Street rules during Kaufman’s two years as a Delaware senator, and to Massachusetts Senator Elizabeth Warren.
See: Former CFTC Chief Warns Major Cryptocurrencies May Be Securities
