National

The Senate voted 53-45 on Wednesday to confirm Gary Gensler as chairman of the Securities and Exchange Commission.

Why it matters: Gensler, who chaired the Commodity Futures Trading Commission (CFTC) under President Obama, is seen as likely to take aggressive steps to regulate financial giants.

Flashback: Gensler worked as a partner at Goldman Sachs for 18 years before joining the Treasury Department in 1997. 

A progressive ally to Sen. Elizabeth Warren (D-Mass.), Gensler earned a reputation as an aggressive regulator and Wall Street foe while chairman of the CFTC.

Gensler may also be in a good position to further bridge the gap between the crypto industry and securities laws, given his ongoing and deep interest in cryptocurrency technology, Axios' Kia Kokalitcheva reports.

Go deeper: Biden SEC pick is no stranger to crypto industry

Senate confirms former top Wall Street regulator Gary Gensler as SEC chair

Gensler is seen as likely to take aggressive steps to regulate financial giants.

Gary Gensler at a 2013 Senate Banking Committee hearing. Photo: Andrew Harrer/Bloomberg via Getty Images

Securities and Exchange Commission (SEC)

Joe Biden

The Senate voted 53-45 on Wednesday to confirm Gary Gensler as chairman of the Securities and Exchange Commission.Why it matters: Gensler, who chaired the Commodity Futures Trading Commission (CFTC) under President Obama, is seen as likely to take aggressive steps to regulate financial giants.

President Biden has made the COVID-19 crisis and a post-Trump return to national unity and traditional democratic ideals his top priorities. From vaccinations to stimulus to schools, Biden is seeking bipartisan compromise while showing a willingness to use executive authority and bare Democratic majorities in the U.S. House and Senate to implement his policies. Republican leaders are navigating deep party divisions over if and how to move beyond former President Trump.

Politics & Policy

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.