SEC Chair nominee Gary Gensler’s nomination hearing before the Senate Banking Committee was held today (March 2). In his opening statement, Committee Chair Sherrod Brown (D-OH) stated in part:
Markets should be a way for families to save and invest for their kids’ education or a down payment on a home or a secure retirement –not a game for hedge fund managers that workers always lose. Mr. Gensler will bring the focus back to the people who make this country work –and take on anyone on Wall Street looking to game the system. That means upgrading climate risk disclosure requirements that are out of date, punishing misconduct, and enforcing the protections on the books. And it means working with other agencies—like the banking regulators—to head off growing problems before they become emergencies that hurt the economy.
During the hearing, Gensler reportedly said he supports more climate risk disclosure from companies and that the SEC will pursue this through the normal rulemaking channels. He also indicated he will work with SEC staff to see if proxy advisory firm issues such as potential conflicts of interest need to be addressed.
The remote hearing was webcast live.
See Gensler’s prepared testimony and this AP article.