TO THE MEMBERS OF THE SENATE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS:
The U.S. Chamber of Commerce supports the nomination of Gary Gensler to serve as Chair of The U.S. Securities and Exchange Commission (SEC). Mr. Gensler's previous positions in the public and private sector and in academia have prepared him to fulfill the mission of the SEC and enact policies that encourage economic growth.
Mr. Gensler has demonstrated a capacity to be an effective policymaker during his tenure in government. He previously served as Chair of the Commodity Futures Trading Commission and has held senior roles at the U.S. Treasury Department as Under Secretary for Domestic Finance and Assistant Secretary for Financial Markets.
Mr. Gensler has the credentials to uphold the SEC’s tripartite mission of investor protection, fair and efficient capital markets, and capital formation. His experience will be critical to ensuring businesses, especially small and emerging growth companies, are able to access needed capital so that they can grow and help enable a robust economic recovery. During his confirmation hearing, Mr. Gensler demonstrated a strong understanding of “materiality” for disclosure of information in public company disclosures through multiple references to TSC Industries, Inc. v. Northway, Inc.
The Chamber has a history of working constructively with Mr. Gensler, including on issues where we may disagree, and expect he will be a balanced leader of the SEC and strong supporter of competitive capital markets.
Neil L. Bradley