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CFTC Boss Gary Gensler Wants to Clamp Down on Wall Street

By Stephen Taub
June 2010

Keywords: derivatives, financial reform, Commodity Futures Trading Commission chairman, Gary Gensler


When President Barack Obama nominated Gary Gensler last year to be chairman of the Commodity Futures Trading Commission (CFTC), skeptics questioned whether a former Goldman Sachs Group partner who served in the Clinton administration’s Treasury Department when it refused to regulate over-the-counter derivatives in the late 1990s could be trusted to head a major financial regulator. “We need an independent leader who will help create a new culture in the financial marketplace and move us away from the greed, recklessness and illegal behavior which has caused so much harm to our economy,” Independent Senator Bernie Sanders proclaimed in opposing the nomination.After a year on the job, Gensler is still getting flak, but not from the usual suspects. The banker-turned-regulator has won over most of his congressional skeptics with his strong advocacy of tighter regulation. As Congress has moved forward on a broad financial reform bill in recent months, Gensler has...

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