As reported in today's Society Alert, the Senate confirmed (on a 53 - 45 vote, with Republicans Collins (R-ME), Grassley (R-IA), and Lummis (R-WY) voting in favor) Gary Gensler’s nomination for SEC Chair for the remainder of former Chair Clayton’s term expiring June 5, 2021. In advance of the scheduled Senate floor proceedings to vote on the nomination, Senate Banking Committee Ranking Member Pat Toomey (R-PA) issued this statement explaining the basis for his decision to oppose it. Generally, his statement expressed concerns that based on Gensler’s record and statements during the nomination process, Gensler may facilitate the use of the securities laws to advance a social and political agenda outside of the SEC’s purview and at the behest of special interest groups, including activist investors.
See this Statement from SEC Acting Chair Lee and Commissioners Peirce, Roisman and Crenshaw; this Cooley post; and last week’s report: “SEC Chair Gensler Nomination Advances.”