Securities and Exchange Commission (SEC) Chair Gary Gensler announced Thursday he will step down when President-elect Donald Trump assumes office on Jan. 20.
In a press release posted by the SEC, Gensler lauded the SEC’s staff as devoted public servants and said he was proud to lead a distinguished agency. Gensler also said he was grateful to President Joe Biden for entrusting him with the role.
“The Securities and Exchange Commission is a remarkable agency. 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,” Gensler said in a statement.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread 🧵⬇️
— Gary Gensler (@GaryGensler) November 21, 2024
Gensler assumed the role of SEC Chair on April 17, 2021, in the wake of the GameStop trading frenzy.
As with many Biden administration officials, Gensler’s departure was widely anticipated ahead of the upcoming transition. On Wednesday, Federal Communications Commission (FCC) Chair Jessica Rosenworcel also announced her plans to step down on Jan. 20, Reuters reported. Trump appointed FCC Commissioner Brendan Carr as the agency’s next chairman. Announcing the decision, Trump praised Carr’s contributions and confirmed his designation as permanent chairman.
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