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Gensler SEC Nomination to Get Senate Banking Vote Today

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What You Need to Know

  • If approved, his nomination must be approved by the full Senate.
  • During his nomination hearing, Gensler answered questions on the GameStop Reddit squeeze.
  • He also discussed cryptocurrency regulation.

The Senate Banking Committee will vote at 2 p.m. Eastern time Wednesday on Gary Gensler’s nomination to be chairman of the Securities and Exchange Commission.

If approved, Gensler’s nomination will then move to the full Senate.

During his nomination hearing on March 2 before the committee, Gensler laid out the steps he’d consider to address the recent market volatility related to the GameStop trading frenzy, as well as his approach to regulating cryptocurrencies.

The SEC’s Regulation Best Interest, however, was not discussed during the hearing.

In his prepared remarks, Gensler stated that when “the SEC does its job — when there are clear rules of the road and a cop on the beat to enforce them — our economy grows and our nation prospers. But when we take our eyes off the ball — when we fail to root out wrongdoing, or to adapt to new technologies, or to really understand novel financial instruments — things can go very wrong. And when that happens, people get hurt.”

He promises to continue the SEC’s goals of “strengthening transparency and accountability in our markets, so people can invest with confidence, and be protected from fraud and manipulation.”