The Next Big Financial Appointment
As the countdown continues to Joe Biden’s inauguration, it’s not just the fireworks of the event that have everyone buzzing. Joe is reportedly considering a key figure for a major role in his administration—Gary Gensler, the former chairman of the Commodity Futures Trading Commission (CFTC). In a twist that could make for an interesting cabinet meeting, Gensler is being eyed for the position of Deputy Treasury Secretary.
Who is Gary Gensler?
For those who may not be well-versed in the world of finance and regulation, Gensler isn’t just a name tossed around in political circles. His resume boasts an impressive stint as the head of the CFTC from 2009 to 2014, where he made waves as a stringent regulator, and played a significant role in reforming the massive $400 trillion financial derivatives market.
Oil and Water: Gensler and Yellen’s Views on Digital Assets
What makes this potential pairing with Janet Yellen (former Fed Chair and nominee for Secretary of Treasury) particularly fascinating is their drastically different opinions on digital currencies. Gensler advocates for blockchain and digital assets, currently serving as a senior advisor at MIT’s Digital Currency Initiative, aimed at promoting technological advancement in this field. Meanwhile, Yellen has historically been skeptical of crypto, once dubbing Bitcoin as “anything but useful” shortly after the 2017 crypto hype ballooned.
What’s the Game Plan?
Insiders claim that the Biden administration is set to unveil more appointments soon. If Gensler steps into the Deputy Treasury Secretary role, it’ll be interesting to see how he navigates working under Yellen, who remains cautious about the very digital currencies he champions.
Final Thoughts: An Administration of Contrasts
As Biden’s administration takes shape, the blend of contrasting views could lead to a dynamic—albeit potentially tumultuous—approach to economic policy. The coalition of the cautious and the enthusiastic may create a strategy that captures the best of both worlds, or simply cause consternation in the world of finance. With every decision, we edge closer to what this new financial era under Biden will look like!
