Gensler Sparks Conflict On Hill

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Barack Obama’s plan to name yet another Goldman Sachs alum to his economic team is proving too much for Sen. Bernie Sanders (I-VT). Sanders put a hold on the nomination of Gary Gensler to head the Commodity Futures Trading Commission, effectively stopping the nomination process in its tracks. Sanders says Gensler, who spent 17 years at Goldman Sachs and then joined the Treasury Department under Bill Clinton, played too big a role in deregulating derivatives in the 90s’ to be trusted to reregulate the market now.

Senate Majority Leader Harry Reid (D-NV), however, has told ANP that he plans “move forward” with Gensler’s nomination despite Sanders’ hold. To Christopher Hayes, Washington editor of The Nation Magazine, the Majority Leader’s defense of Gensler and Goldman is a disturbing indication that it may be business as usual on the Hill when it comes to meaningful regulation on Wall Street.

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6 thoughts on “Gensler Sparks Conflict On Hill

  1. Pingback: Bill Moyers Journal: Glenn Greenwald & Amy Goodman + William K. Black on Fraud « Dandelion Salad

  2. It’s obvious that the White House and Congress are not going to make sweeping changes. They are forcing the mechanisms that will deliver that in the streets. It’s not about reform, it’s about control.

  3. Pingback: The Ones Who Got It Right by Ralph Nader « Dandelion Salad

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