Media reports indicate that Trump's transition team is preparing a list of candidates responsible for financial regulation, with the SEC chair expected to be chosen from among a group of lawyers. Additionally, Trump could remove Acting Comptroller of the Currency Michael Hsu on his first day in office, but restructuring the top regulatory positions at the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) may take months.
Written by: Zhao Yuhe
Source: Wall Street View
Informed sources revealed to the media that Richard Farley, a partner at Kramer Levin Naftalis & Frankel, and Norm Champ, a partner at Kirkland & Ellis, are candidates to replace Gary Gensler as chair of the U.S. Securities and Exchange Commission (SEC).
Other media reports mention that Robinhood's Chief Legal Officer Dan Gallagher, current SEC Commissioner Mark Uyeda, and former Commodity Futures Trading Commission (CFTC) Chair Heath Tarbert are also among the candidates.
Additional sources have indicated that former SEC Commissioner Paul Atkins and Robert Stebbins, a partner at Willkie Farr & Gallagher, are also under consideration. According to previous reports by Reuters, Atkins served on Trump's transition team in 2016 and was a strong contender for the SEC chair position that year.
Two informed sources told the media that Gallagher, Robinhood's Chief Legal Officer, is a popular choice among cryptocurrency industry executives, who have donated millions to Trump's Republican campaign. Currently, Gallagher has the highest likelihood of being appointed, but discussions are still ongoing. Trump's press secretary Karoline Leavitt stated, "President-elect Trump will soon begin deciding who will serve in his second administration. These decisions will be announced when made."
Some media outlets have reported that members of President-elect Trump's transition team and other advisors have begun talks with potential candidates following the election on Tuesday. Discussions are ongoing, and it may take weeks to select candidates.
Whoever it is will relax regulations
Analysts believe that regardless of Trump's choice, the next SEC head may review the major rules established during Gensler's tenure and seek to reduce regulation in the digital currency industry to align with securities laws.
Gensler was nominated by current President Biden in February 2021 and was sworn in two months later. Gensler's term ends in 2026, but he has indicated he will step down when a new Republican administration takes office.
During his campaign, Trump promised to promote the development of cryptocurrencies and reform the SEC to attract funding from the crypto industry. However, Gensler has taken a tough stance on the industry, claiming it has ignored SEC regulations. Reuters previously reported that crypto companies have been pushing for the election of an SEC chair who can eliminate cumbersome regulatory policies.
Many analysts consider Republican SEC Commissioner and cryptocurrency supporter Hester Peirce a strong candidate for SEC chair, but sources have revealed that she has told some people she does not wish to hold the position.
Although Trump has made few comments on financial policy this time, he has repeatedly promised to cut "burdensome" regulations. Bankers and lobbyists expect the Trump administration to repeal or significantly weaken the Basel Accords, which require large banks to increase their capital adequacy ratios, as well as reduce restrictions on mergers and acquisitions.
FDIC and Federal Reserve will also be restructured
Additionally, Trump could remove Acting Comptroller of the Currency Michael Hsu on his first day in office, but restructuring the top regulatory positions at the Federal Reserve and the FDIC board may take months.
Among the candidates being considered by Trump's team for senior bank regulatory positions is Federal Reserve Governor Michelle Bowman. She has criticized the capital adequacy increases led by Vice Chair Michael Barr, who is responsible for regulation, and has advocated for loosening bank rules and regulations. Informed sources have indicated that Barr has stated he intends to serve out his term as vice chair until 2026, and it is currently unclear whether Trump will attempt to remove Barr early.
Informed sources also revealed to the media that Travis Hill, the Republican vice chair of the FDIC board and a former lawyer for the Senate Banking Committee, is also on the list of candidates for senior bank regulatory positions. Hill has also opposed the Basel rules. Additionally, Jonathan Gould, a partner at Jones Day law firm who served as Senior Deputy Comptroller and Chief Legal Counsel from 2018 to 2021, is also under consideration.
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