The agency-review teams focused on the economy and financial regulation, whose names were released Tuesday, include former officials and advocates with well-known records of pushing for tougher rules on Wall Street. That includes former U.S. Commodity Futures Trading Commission Chairman
Biden’s transition team has the added complication of preparing a government without being allowed into the agencies, as has traditionally happened within hours of a race being called. The General Services Administration, which under law must ascertain the winner of an election to give a president-elect access to federal resources, has declined to take that step as President
Without that support, Biden’s team is forging ahead on its own. “We must be prepared for a seamless transfer of knowledge to the incoming administration to protect our interests at home and abroad. The agency review process will help lay the foundation for meeting these challenges on Day One,” transition co-chair
Gensler is the biggest name with Wall Street ties who’s part of the agency-review process. He is a former
His role in Biden’s transition might make some on Wall Street uneasy. When Gensler led the CFTC, he implemented new rules that made him a scourge of banks’ lucrative swaps-trading desks. He also pushed investigations into the manipulation of benchmark interest rates that resulted in firms paying billions of dollars in penalties.
Others on Gensler’s team include
Shara Mohtadi of Bloomberg Philanthropies is a volunteer member of the team for the Council on Environmental Quality. Bloomberg Philanthropies is the philanthropic organization of Michael Bloomberg, the founder and majority owner of Bloomberg LP, which owns Bloomberg News.
(Updates by adding the economist Brad Setser, in 10th paragraph.)
To contact the reporter on this story:
To contact the editors responsible for this story:
Max Berley, John Harney
© 2020 Bloomberg L.P. All rights reserved. Used with permission.