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President-elect Joe Biden’s team of financial regulators is taking shape, with progressive favorites being chosen for the top jobs at the Securities and Exchange Commission and the Consumer Financial Protection Bureau — moves that mean Wall Street should prepare itself for a new era of tougher oversight and stricter rules.
“The sheriff is coming to the preeminent financial regulator in the world,” said Justin Slaughter, a consultant at Mercury Strategies who previously worked at the CFTC. “It means regulation and enforcement are about to get much tougher.”
The work-from-home phenomenon has triggered a fresh frustration for U.S. corporations: Americans are blowing the whistle on their employers like never before.
His experience as an active regulator as head of the Commodities Futures Trading Commission may transfer to his new post.
SEC cases that go beyond faulting firms for their failure to disclose conflicts of interest have drawn pushback from the industry.