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|death_place =
|death_place =
|party = [[Democratic Party (United States)|Democratic Party]]
|party = [[Democratic Party (United States)|Democratic Party]]
la 1986–2002 (death)
|residence = [[Brooklandville, Maryland]]
|residence = [[Brooklandville, Maryland]]
|alma_mater =[[Pikesville Senior High School]]<br/>[[Wharton School of the University of Pennsylvania]]<br/>[[B.S.]] ([[summa cum laude]]) in [[economics]] 1978<br/>[[M.B.A.]] 1979
|alma_mater =[[Pikesville Senior High School]]<br/>[[Wharton School of the University of Pennsylvania]]<br/>[[B.S.]] ([[summa cum laude]]) in [[economics]] 1978<br/>[[M.B.A.]] 1979

Revision as of 00:15, 16 June 2012

This article is about the American public official. For other uses, see Gensler (disambiguation).
Gary S. Gensler
Chairperson of the Commodity Futures Trading Commission
Assumed office
May 26, 2009
PresidentBarack H. Obama
Preceded byWalter L. Lukken (Acting)
Undersecretary of the Treasury for domestic finance
In office
1999–2001
PresidentWilliam J. Clinton
Assistant Secretary of the Treasury for Financial Markets
In office
September 29, 1997 – 1999
PresidentWilliam J. Clinton
staff member, U.S. Senate Banking Committee
PresidentGeorge W. Bush
Personal details
Born (1957-10-18) October 18, 1957 (age 66)
Baltimore, Maryland
Political partyDemocratic Party
Spouse(s)Francesca Danieli, née Francesca Costaglio 1986–June 27, 2006 (deceased)
RelationsSam and Jane Gensler, parents
Robert Gensler, twin brother
Childrenthree daughters: Anna ~1990, Lee ~1992, Isabel ~1997
ResidenceBrooklandville, Maryland
Alma materPikesville Senior High School
Wharton School of the University of Pennsylvania
B.S. (summa cum laude) in economics 1978
M.B.A. 1979
Directorships
[1][2][3][4][5][6]

Gary S. Gensler (born October 18, 1957) is the chairman of the U.S. Commodity Futures Trading Commission under President Barack Obama.

Gensler was Undersecretary of the Treasury (1999-2001) and Assistant Secretary of the Treasury (1997-1999) in the United States. Barack Obama selected him to lead the Commodity Futures Trading Commission, which has jurisdiction over $5 trillion in trades.[7] Gensler was sworn in on May 26, 2009.

Life and career

After receiving a BS and an MBA from the Wharton School of the University of Pennsylvania, Gary Gensler spent 18 years at Goldman Sachs, making partner when he was 30, becoming head of the company’s fixed income and currency trading operations in Tokyo by the mid-’90s, and eventually the company’s co-head of finance.[8] Subsequent to his time at the Treasury he acted as a Senior Adviser to Senator Paul Sarbanes, one of the authors of legislation that eventually became the Sarbanes-Oxley Act, designed to bring greater oversight to the accounting industry and reform of corporate governance.

As the Treasury Department’s undersecretary for domestic finance in the last two years of the Clinton administration, Gensler found himself in the position of overseeing policies in the areas of U.S. financial markets, debt management, financial services, and community development. Gensler advocated the passage of the Commodity Futures Modernization Act of 2000, which exempted credit default swaps and other derivatives from regulation. The Senate was expected to examine his views on derivatives regulation during the Senate confirmation hearings.[9]

In March 2009, Senator Bernie Sanders (I-VT) attempted to block his nomination to head the Commodity Futures Trading Commission. A statement from Sanders’ office said that Gensler “had worked with Sen. Phil Gramm and Alan Greenspan to exempt credit default swaps from regulation, which led to the collapse of AIG and has resulted in the largest taxpayer bailout in US history.” He also accused Gensler of working to deregulate electronic energy trading, which led to the downfall of Enron, and supporting the Gramm-Leach-Bliley Act, which allowed American banks to become “too big to fail.”[10]

In early November, 2011, Gensler stepped aside from the CFTC's investigation of the giant derivatives broker MF Global because of his longstanding ties to Jon Corzine, the CEO of MF Global, for whom Gensler had worked while both were at Goldman Sachs.

In late November, 2011, Rep. Randy Neugebauer (R-Texas), head of the House Financial Services oversight subcommittee investigating MF Global's collapse, asked Gensler in a letter to explain his personal involvement in supervising MF Global. Neugebauer noted that Corzine reportedly personally lobbied Gensler and his staff this year in opposition to a possible CFTC rule that would have affected MF Global. Neugebauer asked Gensler why he didn't remove himself earlier from MF Global matters, so Corzine wouldn't have been able to lobby him.[11][12]

Gensler is the co-author of a book (with Greg Baer), The Great Mutual Fund Trap. It argues that active trading and investing is an inefficient strategy for individual investors, and that individuals should stick with index and exchange traded funds. In November of 2011, Gensler was included on The New Republic's list of Washington's most powerful, least famous people.[13]

Gensler was a senior economic adviser to the Hillary Clinton presidential campaign, 2008 and, after the Democratic Primary, the Obama campaign. He reviewed the Securities and Exchange Commission for the Obama transition team.[2]

Family

Gensler has a sister Barbra (Gensler) Skarzynski, brothers Kenny Gensler and David Gensler and twin brother Robert Gensler who runs an actively managed fund for T. Rowe Price. Gensler has three daughters, Anna 21, Lee 20, and Isabel 14, and currently lives in Baltimore, MD. His wife, Francesca Danieli, died of breast cancer in June, 2006.

References

  1. ^ "Gary Gensler". Times Topics. New York Times. April 7, 2010. Retrieved 2012-03-05.
  2. ^ a b "Gary Gensler: A U-Boat Sent into the CFTC?". The truth about the MF Global Bankruptcy. December 3, 2011. Retrieved 2012-03-05.
  3. ^ "Gary Gensler: Executive Profile & Biography". Businessweek. Retrieved 2012-03-05.
  4. ^ Committee on Finance, United States Senate (January 20, 1999). [http%3A%2F%2Ffinance.senate.gov%2Flibrary%2Fhearings%2Fdownload%2F%3Fid%3D6a07e906-d688-4a4f-97b9-c2fcf96f346f&ei=tRJVT8nZCePn0QH7tOzQCw&usg=AFQjCNFYszutjU1iSn65-AvhHeUR21I6yQ&sig2=zxZHOSBzwfMbl_XZOisI5Q Nominations of Susan G. Esserman, Timoth F. Geithner, Gary S. Gensler, Edwin M. Truman, and David C. Williams]. Washington, D.C.: Government Printing Office. ISBN [[Special:BookSources/01605484019 |01605484019 [[Category:Articles with invalid ISBNs]]]]. S. Hrg 106-11. Retrieved 2012-03-05. {{cite book}}: |work= ignored (help); Check |isbn= value: invalid character (help); Check |url= value (help) One hundred sixth Congress, First session
  5. ^ "Danieli, Francesca". Baltimore Sun. June 29, 2006. Retrieved 2012-03-05. on Tuesday, June 27, 2006, FRANCESCA DANIELI (nee Costagliola). Beloved Wife of Gary Gensler of Brooklandville, Maryland. Beloved and Cherished Mother of Anna, Lee & Isabel of Brooklandville, MD. Loving Sister of Marisa Costagliola of Columbia, MD., Antonia Burns-Cambridge, MD and Rose Rubin of Falls Church, Virginia. Beloved Daughter of Francesco Costagliola-(Capt. Retired) and the late Agnes Costagliola
  6. ^ "Francesca Danieli, 52, collage artist". Baltimore Sun. July 05, 2006. Retrieved 2012-03-05. {{cite news}}: Check date values in: |date= (help)
  7. ^ "Gensler Said to Be Obama's Choice for Commodity Panel". December 26, 2008. {{cite web}}: Unknown parameter |org= ignored (help)
  8. ^ "Obama Nominates Gary Gensler To Head CFTC(link dead)". December 26, 2008. {{cite web}}: Unknown parameter |org= ignored (help)
  9. ^ "CFTC Pick Worked to Exempt Credit Swaps". December 19, 2008. {{cite web}}: Unknown parameter |org= ignored (help)
  10. ^ "Senator Sanders Blocking Key Obama Nomination". March 23, 2009. {{cite web}}: Unknown parameter |org= ignored (help)
  11. ^ http://www.google.com/hostednews/ap/article/ALeqM5jneMvH1UkTdP-Gaybj2gfSRXXbVg?docId=bda6a127c82e431f9428c5163b3c382e. Retrieved 2011-11-30 Associated Press.[dead link]
  12. ^ Doering, Christopher (November 29, 2011). "Lawmaker presses CFTC on MF Global collapse". Reuters. Retrieved 2012-03-05.
  13. ^ The Editors (2011-11-03). "Washington's Most Powerful, Least Famous People". The New Republic. Retrieved 2011-10-25. {{cite news}}: |last= has generic name (help)

External links

Political offices
Preceded by Chairperson of the Commodity Futures Trading Commission
2009–present 		Incumbent

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