Gary Gensler
investment banker, government official
Gary Gensler
Gary S. Gensler is the chairman of the U.S. Commodity Futures Trading Commission under President Barack Obama. Gensler was Undersecretary of the Treasury (1999-2001) and Assistant Secretary of the Treasury (1997-1999) in the United States. Barack Obama selected him to lead the Commodity Futures Trading Commission, which has jurisdiction over $5 trillion in trades. Gensler was sworn in on May 26, 2009.
Biography
Gary Gensler's personal information overview.
{{personal_detail.supertitle}}
{{personal_detail.title}}
{{personal_detail.title}}
Relationships
View family, career and love interests for Gary Gensler
News
News abour Gary Gensler from around the web
Fundraising Histories And Lots Of Experience In Speculative Clinton Cabinet
Huffington Post - 4 months
Gary Gensler is former head of the Commodity Futures Trading Commission and earlier in his career logged time at Goldman Sachs. His name is now in circulation to be Treasury Secretary if Hillary Clinton wins the presidency. (AP Photo/Lawrence Jackson) By: JACK NOLAND Washington thrives on speculation and now, after months of guessing at things like primary contenders and vice presidential picks, it's time to draft potential cabinets. With no shortage of well-educated guesses on who might lead the various executive departments, certain names crop up more often than others, often officials and bureaucrats with substantial political and policy experience. The key for would-be President Clinton, of course, is winning the election, which at this writing, seems more likely than not. So, here's a look at the fundraising and influence backgrounds of some of the elected officials, nonprofit leaders and businesspeople who have appeared on the lists. These selections, of course, ar ...
Article Link:
Huffington Post article
Hillary Blames Bernie for an Old Clintonite Hustle, and That's a Rotten Shame
Huffington Post - about 1 year
The Clintons have no shame, that much you can count on. That stupefying arrogance was on full display in the most recent presidential campaign debate when Hillary Clinton countered Bernie Sanders' charge that she was compromised by her close ties to Goldman Sachs and other rapacious Wall Street interests with the retort: Sen. Sanders, you're the only one on this stage that voted to deregulate the financial markets in 2000, ... to make the SEC and the Commodity Futures Trading Commission no longer able to regulate swaps and derivatives, which were one of the main causes of the collapse in '08. Hillary knows that the disastrous legislation, the Commodity Futures Modernization Act (CFMA), had nothing to do with Sanders and everything to do with then-President Bill Clinton, who devoted his presidency to sucking up to Wall Street. Clinton signed this bill into law as a lame-duck president, ensuring his wife would have massive Wall Street contributions for her Senate run. Sanders ...
Article Link:
Huffington Post article
Hillary Clinton Is Not Telling The Truth About Wall Street
Huffington Post - about 1 year
WASHINGTON -- Hillary Clinton's campaign spent much of this week waging a dishonest attack on Sen. Bernie Sanders (I-Vt.) and his campaign's Wall Street reform platform. The risky attempt to make inroads with progressives on one of her weakest issues is damaging the credibility of some of her top lieutenants. Listen to HuffPost's analysis of the Democratic Party's Wall Street flap in this week's "So, That Happened" podcast.  Clinton's attack on Sanders is as simple as it is untrue: Unlike Sanders, Clinton has argued, she is willing to take on "shadow banking" -- a broad term for various financial activities that aren't regulated as strictly as conventional lending. Sanders has in fact proposed attacking shadow banking in two principal ways: by breaking up big financial firms that engage in shadow banking, and by severing federal financial support for shadow banking activities by reinstating Glass-Steagall. These would be substantive changes. A lot of shadow bankin ...
Article Link:
Huffington Post article
Bernie Sander's Plan to Tame Wall Street Riles Clinton Camp
Huffington Post - about 1 year
Millions of Americans saw "The Big Short" over the holidays. The blockbuster movie, based on the book by Michael Lewis, is a primer on how the crookedness and fraud rampant in the U.S. financial system brought down the global economy in 2008. If you left the theatre with steam coming out of your ears, you might want to take a look at the Wall Street reform plan just fielded by presidential candidate Bernie Sanders. Rather than relying on regulators to do a better job of policing the massive financial services sector, Sanders downsizes and leashes the largest players on Wall Street and overhauls the Federal Reserve in an effort to put America's central bank to work for working families. "Greed is not good," Sanders said, countering the famed Wall Street move character Gordon Gekko played by Michael Douglas in the 1987 film Wall Street. "In fact, the greed of Wall Street and corporate America is destroying the very fabric of our nation." Clinton Campaign Preemptive ...
Article Link:
Huffington Post article
Bernie Sanders References Gordon Gekko: 'Greed Is Not Good'
Huffington Post - about 1 year
WASHINGTON -- Presidential hopeful Bernie Sanders on Tuesday sharply criticized Democratic front-runner Hillary Clinton during a fiery Manhattan speech about Wall Street reform. Most of Sanders' barbs were directed at the banking world. The socialist senator from Vermont reiterated his call to break up the biggest banks, declared that "fraud is the business model on Wall Street," and elicited a round of enthusiastic boos from the crowd by invoking JPMorgan Chase CEO Jamie Dimon as a villain of the 2008 financial crisis. "To those on Wall Street who may be listening today -- and I'm sure there aren't many of them -- let me be very clear: Greed is not good," Sanders said, in a reference to the film "Wall Street." "If a bank is too big to fail, it is too big to exist." But some of Sanders' harshest rhetoric was reserved for Clinton. "Wall Street makes huge campaign contributions, they have thousands of lobbyists and they provide very generous speaking fees to those who go b ...
Article Link:
Huffington Post article
Hillary Clinton Really Wants You To Think She's Tough On Wall Street
Huffington Post - about 1 year
WASHINGTON -- Hillary Clinton's campaign still doesn't know what to do about Wall Street. Big financial firms, including Goldman Sachs, Morgan Stanley and UBS, have collectively paid her millions of dollars for speeches in recent years. She has rebuffed calls from Sen. Elizabeth Warren (D-Mass.) and Democratic presidential contender Sen. Bernie Sanders (I-Vt.) to break up the biggest banks, and awkwardly cited 9/11 during a debate to explain her campaign's popularity with financiers. With Sanders set to make a major speech on financial policy in New York on Tuesday, however, the Clinton team is going on offense, insisting that her bank reform plan is tougher than that of her rival. It isn't. But that didn't stop the Sanders campaign from shooting itself in the foot with a nasty, misleading attack on a top adviser to Clinton. Clinton's financial policy platform has some solid elements, including a plan to crack down on economically pointless high-frequency trading, in which s ...
Article Link:
Huffington Post article
Top Clinton aide blasts Sanders' Wall Street proposals
Yahoo News - about 1 year
By Amanda Becker WASHINGTON (Reuters) - A top aide to Democratic presidential front-runner Hillary Clinton on Monday criticized rival Bernie Sanders’ proposals to regulate Wall Street as doing nothing to address some of the riskiest financial institutions. Sanders, who is Clinton’s chief challenger for the Democratic nomination for the November 2016 election, will deliver what his campaign is calling a “major policy address” on Wall Street reform in New York on Tuesday. Clinton’s chief financial officer, Gary Gensler, a former chair of the Commodity Futures Trading Commission, said in a statement that Sanders should “go beyond his existing plans” to break up too-big-to-fail banks and endorse a risk-based approach that also deals with non-bank financial institutions.
Article Link:
Yahoo News article
Senate Panel Expected to Advance CFTC Nominee
Wall Street Journal - about 3 years
A Senate panel is expected to advance the nomination of Timothy Massad to replace Gary Gensler as head of the Commodity Futures Trading Commission, but some lawmakers have concerns over the choice.
Article Link:
Wall Street Journal article
DealBook: Wall Street Challenges Overseas Swaps Rules
NYTimes - about 3 years
The move is a response to an initiative led by the Commodities Futures Trading Commission’s chairman, Gary Gensler, to increase oversight of derivatives trading in markets like London and Hong Kong.     
Article Link:
NYTimes article
DealBook: Wall Street Trade Groups Challenge Overseas Swaps Rules
NYTimes - about 3 years
The move is a response to an initiative led by the Commodities Futures Trading Commission’s chairman, Gary Gensler, to increase oversight of derivatives trading in markets like London and Hong Kong.     
Article Link:
NYTimes article
U.S. watchdog gives foreign banks more time on swap rules
Yahoo News - over 3 years
By Douwe Miedema WASHINGTON (Reuters) - The U.S. swaps regulator issued a temporary reprieve from its rules for foreign banks after closing a loophole that had allowed trading to continue outside regulated platforms in the United States. Led by Gary Gensler, a former Goldman Sachs investment banker, the Commodity Futures Trading Commission has issued a slew of new requirements to get a grip on the $630 trillion swaps market after the devastating 2007-09 financial crisis. One of the most controversial issues is how its rules apply abroad, particularly because regulators in Europe and Asia have not proceeded as quickly as the CFTC in implementing a 2009 global pact to reform markets. The CFTC on November 14 made clear that foreign banks doing derivatives deals with foreign clients from Wall Street or other U.S. offices still needed to comply with some of the agency's rules for swaps trading.
Article Link:
Yahoo News article
Elizabeth Warren: Not Ready for Presidential Prime Time
Yahoo News - over 3 years
Gutsy, smart, and hyper-articulate, Elizabeth Warren is quickly becoming the voice of progressivism in Washington. Along with departing regulator Gary Gensler, Warren probably did more than anyone in Washington to bulk up Dodd-Frank from its rather flimsy beginnings and turn it into a financial-reform law with some weight. But the idea that somehow this growing reputation translates into a competitive bid for the 2016 presidential nomination—The New Republicrecently suggested on its cover that Warren represents the "soul" of the Democratic Party more than Hillary Clinton—is pretty over the top. And that doesn't get you into the White House in this era.
Article Link:
Yahoo News article
Treasury official tapped to lead Commodity Futures Trading Commission
LATimes - over 3 years
President Obama says he will nominate Timothy Massad to succeed Gary Gensler as chairman of the agency charged with overseeing complex financial derivatives. WASHINGTON — President Obama tapped a senior Treasury official to take over as one of Wall Street's top regulators, leading the agency charged with overseeing complex financial derivatives.     
Article Link:
LATimes article
New swaps regulator must prove mettle in Wall Street reform
Yahoo News - over 3 years
By Douwe Miedema WASHINGTON (Reuters) - President Barack Obama on Tuesday named Timothy Massad, a lawyer who oversaw the U.S. government's $700 billion bank bailout program, as the next head of one of Wall Street's most powerful supervisors. If confirmed by the Senate as chairman of the Commodity Futures Trading Commission, Massad would lead an agency that was given vast new regulatory powers after the 2007-09 crisis, and is now tasked with reining in the relatively uncontrolled trading of complex derivatives - a $630 trillion global market. The nomination solves a looming leadership vacuum at the regulator, since current CFTC Chairman Gary Gensler's term expires on January 3, 2014. "I have every confidence that he's the right man to lead an agency designed to prevent future crises." The CFTC, long an unexciting agency overseeing agriculture futures, has only just been put in charge of the swaps markets, and has yet to write some of its planned rules.
Article Link:
Yahoo News article
Timeline
Learn about memorable moments in the evolution of Gary Gensler
    FIFTIES
  • 2015
    Age 57
    In May of 2015, Gensler was named chief financial officer of her campaign for the Democratic nomination.
    More Details Hide Details
  • 2014
    Age 56
    For his work to reform the financial regulatory system, The Institute for the Fiduciary Standard awarded Gensler with the 2014 Tamar Frankel Fiduciary Prize.
    More Details Hide Details
    By the time Gensler left the CFTC in January 2014, the agency was near completion of the rule-writing process to implement the Dodd-Frank Act.
    More Details Hide Details In addition to managing the increased role of the CFTC in overseeing the swaps market, Gensler led a revitalization of the enforcement division of the agency, most notably in its prosecution of an enforcement case regarding manipulation of Libor, the London interbank offered rate. Early in his tenure, Gensler listened to tape recordings of two Barclays employees as they discussed plans to report false interest rates in an effort to manipulate Libor. Libor is the average interest rate estimated by leading banks in London that the average leading bank would be charged if borrowing from other banks. It is used as a reference rate for many financial products, including adjustable rate mortgages, student loans, and car payments. “A driving force behind the latest crackdown tied to LIBOR,” Gensler worked with enforcement division director David Meister and his team to lead the investigative effort and brought charges against five financial institutions for the manipulation of Libor and other benchmark interest rates, resulting in more than $1.7 billion in penalties. Barclays alone paid $450 million in fines as a result of the Libor investigation. Gensler has called Libor "unsustainable" and argued that it should be replaced as a benchmark rate.
  • 2010
    Age 52
    By the spring of 2010, the momentum in Congress was toward Gensler’s vision for derivatives oversight, and Congress passed comprehensive reform as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010.
    More Details Hide Details After the passage of the Dodd-Frank Act, Gensler led the CFTC’s effort to write the rules required to regulate the swaps markets. He oversaw the agency as it wrote 68 new rules, orders and guidances and as its reach extended from a $35 trillion futures market to a $400 trillion swaps market. He restructured the agency and re-committed the agency to a robust enforcement program. He focused on garnering consensus among his Democratic and Republican colleagues on the Commission, securing unanimous votes to approve more than 70 percent of the agency’s rulemakings.
  • 2008
    Age 50
    During the 2008 presidential campaign cycle, Gensler served as a senior advisor to Hillary Clinton’s presidential campaign and later advised the Obama campaign.
    More Details Hide Details
    During Gensler’s tenure at the CFTC, he worked closely with the Obama Administration, United States Congress and other regulators to transform the $400 trillion financial derivatives markets, markets that were at the center of the 2008 financial crisis.
    More Details Hide Details Upon becoming chairman, Gensler immediately began leading the Obama Administration’s effort “to start policing the Wild West of finance: the murky market for over-the-counter derivatives.” When the Treasury Department released draft legislation to bring regulatory oversight to the swaps market, Gensler sent a letter to Congress arguing that the proposal did not go far enough. Immediately after taking the helm of the CFTC, Gensler advocated for a three-prong approach to regulating swaps: (1) Bringing transparency to the markets through electronic trading platforms, (2) requiring that trades be processed through derivatives clearinghouses to lower risk to the financial system, and (3) for the first time, regulating the financial entities that deal in swaps.
    Then-President-Elect Barack Obama nominated Gensler to serve as the 11th Chairman of the CFTC on December 18, 2008.
    More Details Hide Details Though there was some opposition to Gensler’s nomination amongst the progressive members of the Democratic caucus, Gensler was overwhelmingly approved by the U.S. Senate in an 88-6 confirmation vote. Gensler was sworn in on May 26, 2009, pledging to work to “urgently close the gaps in our laws to bring much-needed transparency and regulation to the over-the-counter derivatives market to lower risks, strengthen market integrity and protect investors.” According to Gensler, “only through strong, intelligent regulation – coupled with aggressive enforcement mechanisms – can we fully protect the American people and keep our economy strong.” Gensler has been credited with taking the CFTC - a once-sleepy and hands-off regulator - and thrusting it into the front lines of reform. Gensler was described as a “force of nature,” who was “one of the leading reformers after the financial crisis.”
    Gensler led the effort to pass and implement comprehensive oversight of the swaps market, which was at the center of the 2008 financial crisis.
    More Details Hide Details Gensler was born 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.
  • FORTIES
  • 2001
    Age 43
    After leaving the Clinton Administration 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 law to tighten accounting standards in the wake of the Enron and WorldCom scandals.
    More Details Hide Details Sen. Sarbanes described Gensler as “a very good strategic advisor,” who “is very gifted at putting politics and substance together.”
  • 1999
    Age 41
    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.
    More Details Hide Details As Undersecretary of the Treasury for Domestic Finance, Gensler advised and assisted Treasury Secretaries Robert Rubin and Lawrence Summers on all 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.
  • THIRTIES
  • 1997
    Age 39
    Gensler served in the United States Department of the Treasury as Assistant Secretary for Financial Institutions from 1997-1999, then as Undersecretary for Domestic Finance from 1999-2001.
    More Details Hide Details 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.
  • TWENTIES
  • 1986
    Age 28
    Gensler lives in Baltimore with his three daughters, Anna, Lee and Isabel. Gensler was married to filmmaker and honored photo collagist Francesca Danieli from 1986 until her death from breast cancer in 2006.
    More Details Hide Details Gensler is an avid runner who has finished nine marathons and one 50-mile ultramarathon. He also is an accomplished mountain climber, having summited Mt. Rainier and Mt. Kilimanjaro.
  • TEENAGE
  • 1975
    Age 17
    Gensler attended Pikesville Senior High School, graduating in 1975.
    More Details Hide Details His alma mater later invited Gensler to return to Pikesville, where he was awarded with the Distinguished Alumnus Award, to share his thoughts on leadership, where he encouraged the students to pursue their passions, make opportunities and seize them, find mentors, and find a good partner. After graduating from high school, Gensler and his identical twin brother enrolled at the Wharton School at the University of Pennsylvania, where Gensler earned an undergraduate degree in economics, summa cum laude, in three years, followed by a master’s in business administration the following year. 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. After earning an MBA, Gensler joined the Wall Street investment bank Goldman Sachs, where he spent 18 years working up the ranks. 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.
  • CHILDHOOD
  • 1957
    Born
    Born on October 18, 1957.
    More Details Hide Details
Original Authors of this text are noted here.
All data offered is derived from public sources. Spokeo does not verify or evaluate each piece of data, and makes no warranties or guarantees about any of the information offered. Spokeo does not possess or have access to secure or private financial information. Spokeo is not a consumer reporting agency and does not offer consumer reports. None of the information offered by Spokeo is to be considered for purposes of determining any entity or person's eligibility for credit, insurance, employment, housing, or for any other purposes covered under the Fair Credit Reporting Act (FCRA)