It has been almost two years since Gary Gensler left the Commodity Futures Trading Commission as perhaps its most talked about, debated and in some circles, despised chairman. To some, his unrelenting drive to pound home rules established by the Dodd-Frank Act was considered a declaration of war against the derivatives industry. To his supporters, his determination was lauded, and he was considered one of the guys who was ready to stand up to Wall Street and LaSalle Street all in the name of Main Street.
Now Gensler has grabbed attention this week at the FIA Expo in Chicago. On the Washington panel Thursday, Gensler’s name was brought up because of rumors that he is in the running to be the next U.S. Treasury secretary. CME’s Terry Duffy said he thought it was doubtful that Gensler, now an advisor to Hillary Clinton, would actually get the nod if she won the presidency, as there may be other qualified candidates that fit the profile. Jimmy Ryan, partner and co-founder of Subject Matter, said Secretary Clinton has made it clear that she would like more women in her cabinet, and Treasury secretary may well be one of the posts.
On the other hand, it’s been reported that Gensler has the support of Senator Elizabeth Warren, who has been laying into anyone and everyone connected to Wall Street. Her scathing attack on Wells Fargo CEO John Stumpf helped make him ex-CEO. Oddly, Senator Warren hasn’t weighed in on fellow Democrat Jon Corzine, who somehow managed to settle his case at a profit, and escaped the heavy hammer of Gensler while he ran the CFTC during the MF Global disaster.
So here we are, heading toward a likely Clinton presidency, and the one man in the industry who could actually qualify for Dancing With the Stars may become our next Treasury secretary. Who in this industry will be the first to shake his hand?