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Gary Gensler plans to step down as chairman of the U.S. Securities and Exchange Commission on Jan. 20, when Donald Trump is scheduled to be sworn in as president.
Officially, Gensler’s five-year term on the commission does not expire until 2026, but it has become customary for SEC chairs to move up when the chairmanship changes hands.
Under Gensler, the SEC tried to bring more transparency to markets and improve corporate disclosures through new rules but faced legal defeat because the courts overstepped the regulator’s authority.
His announcement came hours after a federal court in Texas tossed out the SEC’s new rules for the $27 trillion Treasury market, finding that the watchdog exceeded its authority when it Attempted to force more large traders to register as “dealers”.
This is a developing story.
