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STORY BY KELLIE MEJDRICH

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Gary Gensler will lead work on new federal regulations
Published on April 14, 2021 11:04 AM

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Gary Gensler testifies before the Senate Banking Committee in Washington, D.C. | Chip Somodevilla/Getty Images
WASHINGTON, D.C. - The Senate on Wednesday confirmed Gary Gensler to lead the Securities and Exchange Commission, putting in place a battle-tested Wall Street watchdog at a moment when Democrats are looking to rein in financial market risk.

The Senate confirmed Gensler in a 53-45 vote. The MIT professor and former Goldman Sachs partner are returning to government after serving as a top regulator in the Obama administration when he cracked down on big bank trading activities that fueled the 2008 global financial crisis.

Gensler will lead work on sweeping new federal regulations that would require companies to disclose their contributions and exposure to climate change, which is poised to trigger a huge lobbying fight and is already stirring deep partisan tensions. The effort will be in focus next week when President Joe Biden holds an international climate summit.