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Congress Expands SEC Powers Just In Time for New Administration
Wall Street has greeted Gary Gensler's nomination as Chair of the SEC with some trepidation, perhaps with good reason. Congress, by contrast, may have presented him with a powerful signing bonus.
During Gensler's tenure at the Commodity Futures Trading Commission (CFTC), he transformed the agency into one of the federal government's enforcement powerhouses. On the other hand, however, Gensler's credentials — including two decades at Goldman Sachs, and a recent stint as a professor at MIT — suggest that he will be more than just a tough cop. He also brings deep experience in the financial markets and serious engagement with emerging issues such as cryptocurrency regulation.
Regardless of his enforcement priorities, Gensler's SEC, including his yet-to-be-named Director of the Division of Enforcement, will benefit from the expansion of the SEC's powers that Congress included in the National Defense Authorization Act (NDAA) passed on the first day of the new year. Those provisions expand the statute of limitations for equitable remedies in securities cases, and create a new statutory disgorgement remedy for the SEC.
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