In the article “Gensler expected to put teeth in Reg BI — not overturn it,” InvestmentNews turned to partner Jim Lundy for his expectations on how Biden-nominated Securities and Exchange Commission (SEC) chairman Gary Gensler will handle Regulation Best Interest (Reg BI).
A former chair of the Commodities Futures Trading Commission, a former Treasury Department official, and a former Goldman Sachs executive, Gensler has developed a reputation as a tough regulator who also was successful on Wall Street, according to the publication.
Lundy told InvestmentNews that Gensler will pursue aggressive enforcement of Reg BI rather than waste political capital scrapping it. “It makes more sense to utilize resources to enforce Reg BI as opposed to utilizing resources to overturn Reg BI.”
Like other Democratic SEC chairs, Gensler will emphasize enforcement, Lundy added. “We’ll see an aggressive enforcement climate.”