SEC Commissioners Bid Farewell to Former Chair Gensler
Commentary by Steven Lofchie
SEC Commissioners Caroline A. Crenshaw, Hester M. Peirce and Mark T. Uyeda highlighted broad agency achievements under outgoing Chair Gensler and expressed gratitude for his commitment "to bipartisan engagement and a respectful exchange of ideas."
In a joint statement, the Commissioners said:
"We have finalized rules that have promoted market integrity and corporate governance, streamlined open-end fund disclosures, reduced settlement times, and passed needed reforms to the plans corporate insiders use to buy and sell company stock, among many other policy changes. Together we have returned billions of dollars to investors harmed by violations of the securities laws and helped educate the public on the risks and rewards of investing their savings."
The Commissioners acknowledged that they approached policy issues from different perspectives than Mr. Gensler, but emphasized that "there was always dignity in [these] differences."
The Commissioners thanked Mr. Gensler for his leadership and extensive public service, suggested that he may be back and signed off with: "so long for now."
Commentary
The Commissioners showed grace in their farewell statement to Chair Gensler. The list of achievements that the Commissioners (two Republicans) cited, however, failed to mention the many rule adoptions under litigation or the flawed clearing mandate. That might mean they are not supportive of those rule adoptions. Or it could mean nothing (but that would be a less interesting comment).
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The SEC reported that Chair Gary Gensler will step down from the Commission effective at 12:00 pm on January 20, 2025.