Biden SEC Pick Gary Gensler Confirmed to Police Wall Street (1)

The U.S. Senate cleared Gary Gensler to lead the Securities and Exchange Commission, allowing President Joe Biden’s choice for Wall Street’s top sheriff to take over the regulator as it faces myriad market threats.

Gensler, whose nomination was approved Wednesday in a 53-to-45 vote, is poised to confront everything from the fallout of the GameStop Corp. trading frenzy to the deluge of special purpose acquisition companies and the collapse of Archegos Capital Management. As chairman, he’ll also face intense pressure from progressive Democrats, who want him to promptly toughen oversight that was weakened during the Trump administration.

Gary Gensler

Photographer: Andrew Harrer/Bloomberg

The ...