Gary Gensler (born October 18, 1957) is an American government official and former Goldman Sachs investment banker serving as the chair of the U.S. Securities and Exchange Commission (SEC). Gensler previously led the Biden–Harris transition's Federal Reserve, Banking, and Securities Regulators agency review team. Prior to his appointment, he was professor of Practice of Global Economics and Management at the MIT Sloan School of Management.
Gensler served as the 11th chairman of the Commodity Futures Trading Commission, under President Barack Obama, from May 26, 2009, to January 3, 2014. He was the Under Secretary of the Treasury for Domestic Finance (1999–2001), and the Assistant Secretary of the Treasury for Financial Markets (1997–1999). Prior to his career in the federal government, Gensler worked at Goldman Sachs, where he was a partner and co-head of finance. Gensler also served as the CFO for the Hillary Clinton 2016 presidential campaign. President Joe Biden nominated Gensler to serve as 33rd chair of the U.S. Securities and Exchange Commission. He succeeded SEC Acting Chair Allison Lee.
Early life and education
Gensler was born into a Jewish family in Baltimore, Maryland, one of five children of Jane (née Tilles) and Sam Gensler. Sam Gensler was a cigarette and pinball machine vendor to local bars, and he provided Gensler with his first exposure to the real-world side of finance when Sam would take Gensler to the bars of Baltimore to count nickels from the vending machines.
Gensler graduated from Pikesville High School in 1975, where he was later given a Distinguished Alumnus award. Gensler graduated with a degree in economics, summa cum laude, after three years at the Wharton School at the University of Pennsylvania, followed by a master's in business administration the following year. Gensler's identical twin brother also studied at the University of Pennsylvania. As an undergraduate, Gensler joined the University of Pennsylvania crew team as a coxswain, dropping his weight to 112 pounds to keep the boat at its proper weight.
Business career
In 1979, Gensler joined Goldman Sachs, where he spent 18 years. At 30, Gensler became one of the youngest persons to have made partner at the firm at the time. He spent the 1980s working as a top mergers and acquisitions banker, having assumed responsibility for Goldman's efforts in advising media companies. He subsequently made the transition to trading and finance in Tokyo, where he directed the firm's fixed income and currency trading.
While at Goldman Sachs, Gensler led a team that advised the National Football League in capturing the then-most lucrative deal in television history, when the NFL secured a $3.6 billion deal selling television sports rights.
Gensler's last role at Goldman Sachs was co-head of finance, responsible for controllers and treasury worldwide. Gensler left Goldman after 18 years when he was nominated by President Bill Clinton and confirmed by the U.S. Senate to be the Assistant Secretary of the Treasury.
Gensler served on the board of for-profit university Strayer Education, Inc. from 2001 to 2009.
Public service
Gensler has served in various governmental roles since the 1990s.
Treasury Department
Gensler served in the United States Department of the Treasury as Assistant Secretary for Financial Markets from 1997 to 1999, then as Undersecretary for Domestic Finance from 1999 to 2001. As Assistant Secretary, Gensler served as a senior advisor to the Secretary of the Treasury in developing and implementing the federal government's policies for debt management and the sale of U.S. government securities. In 1999 and 2000, under then-Treasury Secretary Lawrence Summers, Gensler fought for passage of the Commodity Futures Modernization Act, which exempted over-the-counter derivatives from regulation.
As Undersecretary of the Treasury for Domestic Finance, Gensler advised and assisted Treasury Secretaries Robert Rubin and Lawrence Summers on aspects of domestic finance, including formulating policy and legislation in the areas of financial institutions, public debt management, capital markets, government financial management services, federal lending, fiscal affairs, government sponsored enterprises, and community development.
While serving at the Treasury Department, Gensler was awarded the agency's highest honor, the Alexander Hamilton Award, for his service.
Sarbanes-Oxley
In 2001, Gensler joined the staff of U.S. Senator Paul Sarbanes, chairman of the Senate Banking Committee, as a senior advisor and helped write the Sarbanes-Oxley Act, which tightened accounting standards in the wake of the Enron and WorldCom scandals.