Remember Gary Gensler? Let’s go back a few years.
During Gensler’s time at the Treasury, Gensler had pushed hard for Wall Street deregulation and even helped write the Commodity Futures Modernization Act or CFMA.
Gensler later helped write derivatives language in the Dodd-Frank financial reform bill. More from The Intercept:
When he was at the Treasury Department in the Clinton administration, Gensler worked to ban derivatives regulation. But after the crisis, he helped write stronger derivatives language in the Dodd-Frank financial reform bill, ensuring that they would be transparently traded through central clearinghouses — giving everyone a window into their risk and scope.
He took extreme action to preserve those rules, beating back lobbyists and even fellow regulators. Gensler’s former friends on Wall Street felt betrayed; his name became “like a curse word,” according to former SEC Commissioner Daniel Gallagher.
Prior to being the Assistant of U.S. Treasury under the Clinton Administration, Gensler worked for Goldman Sachs for 18 years.
Which is why Sanders blocked Gensler’s nomination for the Commodity Futures Trading Commission. Sanders was interviewed on Democracynow in 2009:
We speak with Independent Senator Bernie Sanders of Vermont, who is attempting to block President Obama’s nominee to head the Commodity Futures Trading Commission, Gary Gensler, a former Goldman Sachs employee. “Gensler worked with Sen. Phil Gramm and Alan Greenspan to exempt credit default swaps from regulation, which led to the collapse of A.I.G. and has resulted in the largest taxpayer bailout in U.S. history,” Sanders said. [includes rush transcript]
On a side note: Sanders voted no for the Timothy Geithner’s nomination for U.S. Treasury head.