Ex-CFTC Chief Gensler and Banker Advising Biden on Wall Street

Former Commodity Futures Trading Commission Chairman Gary Gensler and KeyBank NA executive Don Graves have been tapped to examine financial regulators as part of Joe Biden’s presidential transition, according to a person familiar with the matter.

Gensler’s presence is likely to please progressive Democrats, as he gained a reputation for standing up to Wall Street during the Obama administration. He also implemented a new regulatory regime for swaps -- products that played a key role in the 2008 financial crisis. Gensler is a former Goldman Sachs Group Inc. partner, giving him insight into how the industry works and how it tries to dodge oversight.

Ex-CFTC Chief Gensler and Banker Advising Biden on Wall Street

Gensler is close to Biden transition co-chair Ted Kaufman, as the two worked together to push for tougher Wall Street rules during Kaufman’s two years as a Delaware senator, and to Massachusetts Senator Elizabeth Warren. Gensler didn’t immediately respond to an email requesting comment.

Graves is a longtime Biden adviser. His involvement in reviewing bank regulators might give comfort to banks that moderates will win posts in a Biden administration.

It’s a routine aspect of presidential transitions that teams of volunteers examine the swaths of agencies that populate the federal government. Often, those involved in such reviews end up making recommendations on who should be nominated to run regulators.

©2020 Bloomberg L.P.

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