SEC Gary Gensler to Step Down as Commission Chair

November 21, 2024

What happened?

Gary Gensler will step down from his position as the 33rd Chair of the Securities and Exchange Commission (SEC) on January 20, 2025, at 12:00 p.m., according to the SEC’s November 21, 2024 press release.  Gensler took over as SEC chair on April 17, 2021, and has guided the agency through a comprehensive regulation agenda aimed at improving the efficiency, resilience, and integrity of the U.S. capital markets.

“The Securities and Exchange Commission is a remarkable agency,” said Chair Gensler. “The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike. The staff comprises true public servants. It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”

In the press release, the SEC highlighted the changes Gensler brought forth during his tenure. Below are some of the of these changes:

• Adoption of amendments to Form PF for certain SEC-registered investment advisers to private funds, which resulted in the SEC further amending Form PF jointly with the Commodity Futures Trading Commission.
• New rules to allow shareholders to vote for preferred board candidates on universal proxy cards.
• Multiple rulemakings requiring more timely disclosures and greater transparency of market participants.
• The Division of Enforcement filed more than 2,700 enforcement actions, leading to $21 billion in penalties and disgorgement.
• The Division of Examinations recovered more than $250 million for harmed investors through examination of investment advisors, investment companies, and broker dealers, among others.

To see the full description, view the SEC’s press release.