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Gary Gensler is reportedly the choice of Biden to lead the SEC

The Biden administration plans to appoint former financial regulator Gary Gensler, a Goldman Sachs banker, as chairman of the Securities and Exchange Commission, reports several agencies.

Senate final vote in Georgia makes it easier to go with progressive choices like GenslerBecause the Democrats have a better shot to identify such candidates. Gensler has led the transition team’s review of the Fed, banks and securities regulators since November.

If approved, Gensler is expected to take control of Wall StreetBased on my work as Head of Commodity Futures Trading Commission from 2009 to 2014. The CFTC was at the forefront of promoting transparency in derivative trading and revealing interest rate tampering by traders. Number of settlements with banks. “The interests of Wall Street are not necessarily the same as the interests of the people,” he told the Times in 2010.

He has an insider perspective on the financial industry, He was given his nearly 20 years at Goldman before entering public service. This undermines criticism that financiers have leveled out with some progressive choices rumored to play an economic role in the Biden administration.

The following SEC chiefs may focus on:

  • Demanding companies to publicly disclose political contributions in a standardized way was a problem that the Democratic Party had been promoting before it became the day’s biggest business story.

  • Rethink the rules for share buybacks by potentially imposing preconditions or more disclosure. Chuck Schumer, the new Senate majority leader, feels strongly about this.

  • Perhaps broader application of proposals such as NASDAQ, ordering corporate disclosure of board diversity.

  • Mandatory disclosure of companies regarding climate change risk.

  • Gensler, who has taught courses on digital money at MIT for the past few years, will develop clearer rules on cryptocurrencies and blockchain, a problem that he is eligible to address.

What do you think the next SEC Chair’s priority should be?Please let us know at Dealbook@nytimes.com.. Please include your name and location, and we may feature your response in future newsletters.

The House of Representatives will vote for President Trump’s impeachment. Congressmen may discuss the impeachment article this morning and vote later today after Vice President Mike Pence rejected the request to invoke the 25th Amendment. Some Republicans, including Congressman Liz Cheney and personally leader Mitch McConnell, support the move, according to people familiar with his ideas.

The Trump administration will shift its vaccine strategy. Authorities have instructed the state to begin vaccination of all Americans over the age of 65 and Americans with certain underlying illnesses to speed up vaccination efforts. However, some are concerned that this move can be confusing. In other coronavirus news, all travelers entering the United States are required to provide evidence of a negative test.

Democrats push for additional stimulus. Senator Chuck Schumer, who will become the majority leader, said Senator Chuck Schumer added money for vaccine distribution and for Americans as President Joe Biden prepares to announce a pandemic rescue plan on Thursday. He said he would prioritize the law, which includes a $ 1,400 check.

Visa moves away from Plaid’s takeover bid. The settlement giant abandoned the $ 5.3 billion bid after the U.S. Department of Justice blocked the deal, claiming it would hurt competition.

Google is funding a “Dreamers” advocacy group. The tech giant nonprofit will donate $ 250,000 to United We Dreams. United We Dream pays more than 500 undocumented migrants to apply for a work permit under the Child Arrival Postponement Program. The filing period may be short, as federal courts in Texas are currently considering objections by nine states seeking termination of the program.

  • Walmart Suspended indefinitely two days after announcing a review of its political donation policy, donations to lawmakers who voted against proof of 2020 election results. This move is particularly noteworthy, given that its CEO, Doug McMillon, is also responsible for the Business Roundtable, an influential trade association.

  • The· United States Chamber of Commerce He accused President Trump of instigating a mob that attacked the Capitol, saying his powerful political action committee would stop supporting lawmakers who supported efforts to undermine the credibility of the presidential election.

  • YouTube Mr. Trump’s channel has been suspended for at least a week because of concerns about “potential for ongoing violence.”

  • CEO My pillowMike Lindel is one of the few corporate leaders to publicly support Mr. Trump. He continues to promote unfounded claims about the perpetrators of electoral fraud and the parliamentary rampage.

  • Amazon Responded to a proceeding by the social media platform Parler. The proceedings accused the tech giant of violating antitrust law by blocking web hosting services. In its court filing, Amazon cited more than 100 examples of violent content about parlors, including threats to civil servants and warnings of the mayhem over the January 20th inauguration.


— The agenda when Senator Sherrod Brown, a Democrat in Ohio, becomes chairman of the Senate Banking Commission.Among his priorities, he told reporters Including Times Emily FritterWill expand housing and banking services for low-income Americans to address climate and racial equality.


Sheldon Adelson, a Las Vegas Sands casino tycoon and one of the Republican’s biggest benefactors, died at the age of 87. Since the Supreme Court eased restrictions on political contributions in a Citizens’ Union ruling in 2010, Adelson and his wife Miriam have donated about $ 480 million to conservative campaigns and causes, resulting in significant influence. I bought.

Mr Adelson’s absence will be felt sharply by Republican funders. Republican strategist Scott Reed told Times Jeremy Peters and Shane Goldmach, “With the tragic death of Sheldon Adelson, corporate backlash has left a real gap in the 2022 cycle funding plan. I have left it. ” Adelsons will donate about $ 217 million more than ever in the 2020 cycle, $ 90 million to Super PAC to support President Trump’s reelection campaign, and $ 70 million to maintain Republican control of the Senate Sent to the Senate Leadership Fund dedicated for. One million in the main house Republican Super PAC.

“I oppose the very wealthy people who try or influence elections.” “But as long as it’s feasible, I’ll do it,” Adelson told Forbes in 2012. He continued:

I have my own philosophy and I am not ashamed of it. I gave money because there is no other legal way. I don’t want to go through 10 different companies to hide my name. I’m proud of my work and I’m not going to escape recognition.

Deals

  • Canadian convenience store giant Couche-Tard is in talks to buy Carrefour, a French grocery store with a market capitalization of $ 17 billion. (Bloomberg)

  • E-commerce lender Affirm raised $ 1.2 billion in an IPO with a valuation of about $ 15 billion. (Fortune)

  • Tessera Therapeutics, a start-up company focused on new ways to edit the human genome, has raised $ 230 million from investors such as Alaska’s State Investment Fund and SoftBank’s Second Vision Fund. (TechCrunch)

Politics and policy

  • The Republican accountability project, a group of anti-Trump Republicans, has promised up to $ 50 million to Republicans in support of President Trump’s impeachment. (NYT)

  • New York City is considering an option to cancel the contract with the Trump Organization, which operates two ice rinks and a carousel at Central Park and the Bronx city-owned golf course. (NYT, WaPo)

Technology

  • Facebook is scrambling to reassure users about changes to their privacy policy on WhatsApp. This has led many users to switch to rivals such as Signal and Telegram. (FT)

  • Network company SolarWinds has revealed that Russian hackers have found evidence of a system breach at least a month earlier than initially suspected in a large-scale cyberattack on the US government and corporate networks. (WSJ)

  • AT & T is reportedly in talks to borrow $ 14 billion to buy a 5G wireless spectrum swath, as competitors are also raising debt to receive valuable radio waves. (Bloomberg)

Best of the rest

  • Meet Lafayette Square Holding, a minority-owned social impact investment firm with $ 100 million in support from Morgan Stanley. (Bloomberg)

  • OnlyFans, a social media platform that allows users to sell their explicit photos, is booming as people suffer from a pandemic economic collapse. (NYT)

  • “Quant Fund or Metal Band?” (Ben Gimpert)

Please give us your feedback! Email your thoughts and suggestions to dealbook@nytimes.com.

Gary Gensler is reportedly the choice of Biden to lead the SEC

Source link Gary Gensler is reportedly the choice of Biden to lead the SEC

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