September 1, 2010
By Daniel P. Collins
Gary Gensler was sworn in as chairman of the Commodity Futures Trading Commission (CFTC) on May 26, 2009 amid a turbulent debate over regulation. His confirmation fight was a tough one as his previous work in the U.S. Department of Treasury as under secretary of domestic finance caused two Senators to hold up his confirmation because of his vigorous support for keeping over-the-counter (OTC) derivatives exempt from regulation in the Commodity Futures Modernization Act of 2000.
It is ironic, then, that Gensler would arguably become the Administration’s most forceful advocate for regulating OTC markets. Prior to his work at the Treasury, Gensler worked at Goldman Sachs for 18 years and became a partner, leading to the impression that he was the wrong man at the wrong time to head the CFTC.
However, Gensler has won over Congressional critics while perhaps adding a few critics from the ranks of his former colleagues on Wall Street. We spoke with the chairman 12 days after President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 about what comes next…
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Last Updated: August 30, 2010