Securities and Exchange Commission Chair Gary Gensler, who pursued a sweeping and controversial agenda as Wall Street’s chief overseer over the last three-plus years, plans to step down on Jan. 20, the agency said Thursday.
His departure will clear the way for President-elect Donald Trump to install his yet-to-be-named pick to lead the top U.S. financial markets regulator.
Gensler’s exit will cap one of the most memorable periods in the SEC’s history, as the 67-year-old veteran regulator sought to enact a slate of ambitious rules and pursue lawsuits that led to high-profile clashes with both the traditional financial world and the cryptocurrency industry.
Among the rules enacted under Gensler were measures seeking to shore up the U.S. Treasury market and to force corporate America to tell investors about climate-related risks. His agenda also included rules aimed at shedding light on the more opaque corners of finance, such as the massive private funds market, as well as a contentious push to bring crypto squarely under the SEC’s authority.
“The Securities and Exchange Commission is a remarkable agency,” Gensler said in a statement. “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. The staff comprises true public servants. 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 plans to step down at noon on Jan. 20, according to the SEC.