SEC Chair Criticized Over Association With Fund Managers

  • Critics fault the SEC Chair, Gary Gensler over a possible conflict of interest.
  • Details of the meetings included in the calendar were not made available.

The U.S. Securities and Exchange Commission (SEC) has publicized the September 2022 edition of its chair, Gary Gensler’s, calendar. A segment of the public criticized aspects of the schedule, accusing Gensler of imposing his interests on the commission.

A segment of the public expressed reservations over aspects of the document that did not sit well with them. Gensler’s meetings with the Vanguard Group, BlackRock, and the U.S. ambassador to China attracted criticism from the public.

Highlights of the document published on the commission’s website show that Gensler had four calls with the CFTC chair, Rostin Behnam, two calls with former SEC General Counsel John Coates, and held meetings with the Vanguard Group. He also held meetings with the U.S. ambassador to China, Nicholas Burns, and the investment manager BlackRock.

Several other phone calls, meetings, interviews, and speaking engagements were part of the well-populated calendar published five months after the events concluded.

CryptoLaw, a legal and regulatory news platform owned by John Deaton, noted in a tweet that Gensler’s wealth of $100 million is under Vanguard Group’s management. The firm questioned Vanguard Group’s allotment of so much time and access to Gensler’s office as the SEC chair.

In July 2022, CryptoLaw criticized Gensler for paying more attention to Vanguard Group and his portfolio managers than retail digital asset holders or crypto companies. These are groups with which the commission has been entangled for years, trying to figure out an appropriate regulatory framework.

Many respondents to a tweet highlighting the calendar’s publication expressed their displeasure over the action. Some respondents criticized the time it took for an already-concluded calendar to go public, while others focused on Gensler’s association with the Vanguard Group and BlackRock. Both firms are management companies reported to be privately involved with the SEC chair.

The published calendar listed only the schedules of Gensler’s appointments for September 2022. It did not provide details about the meetings to confirm whether they were to discuss his financial portfolio. Gensler’s critics did not show any proof that those meetings were for personal reasons either.

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