“It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world,” Gensler said.
President Joe Biden nominated Gensler as the 33rd chair of the SEC in 2021. He began his tenure in April of that year, leading the agency through what the SEC called “a robust rulemaking agenda” to increase efficiency in the market.
“The Securities and Exchange Commission is a remarkable agency,” Gensler said. “The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike.”
Gensler said it was an honor to work with SEC staff, whom he referred to as “true public servants,” and he expressed gratitude toward Biden for entrusting him with an “incredible responsibility.”
“The SEC has met our mission and enforced the law without fear or favor,” he said.
President-elect Donald Trump, who is set to be inaugurated on Jan. 20, has yet to nominate a replacement for Gensler as of publication time.
According to the SEC, during Gensler’s tenure as chair, the SEC adopted policies and rules that improved the $28 trillion Treasury market.
“To lower cost and risk in the Treasury markets, the agency adopted rules to promote central clearing and narrow circumstances in which broker-dealers are exempt from national securities association registration,” the SEC said. “These reforms will lower risk and enhance efficiency throughout the entirety of the U.S. capital markets.”
The SEC updated the $55 trillion equity market and the National Market system to facilitate the more efficient trading of stocks “with narrower spreads and lower fees.”
The agency also shortened the trade settlement cycle to one business day, “which is good for investors and lowers risk in the market,” according to the SEC. It also adopted rules to update information regarding brokers’ execution quality.
In addition, the SEC established new corporate governance, confidential reporting, disclosure, accounting and auditing, and examinations and enforcement guidelines.
Under Gensler, the SEC created a protocol with Chinese authorities to allow for the investigation of auditors of companies connected with China operating in the United States.
The SEC’s Division of Enforcement and Examinations has also taken in more than 145,000 tips and complaints and awarded whistleblowers about $1.5 billion, the agency stated.
“The Commission filed more than 2,700 enforcement actions and obtained approximately $21 billion in penalties and disgorgement orders,” the SEC said. “Between fiscal years 2021 and 2024, the agency returned more than $2.7 billion to harmed investors as a result of enforcement actions.”
This enforcement includes the advancement of policies that protect those who invest in crypto market fraud and other misconduct.
Gensler was chair of the U.S. Commodity Futures Trading Commission during the Obama administration.
He was senior adviser to Sen. Paul Sarbanes (D-Md.) in the writing of the 2002 Sarbanes-Oxley Act, a federal record-keeping and reporting law for corporations.
Gensler succeeded Jay Clayton, who served under the Trump administration. Trump has nominated Clayton to be the U.S. attorney for the Southern District of New York.
