Richard Farley, a prominent partner at Kramer Levin Naftalis & Frankel in New York and head of the firm’s leveraged finance group, is now reportedly on Donald Trump’s shortlist to replace SEC Chair Gary Gensler. According to a report from the New York Post, Farley has an extensive track record advising major financial institutions, including Goldman Sachs, Credit Suisse, and UBS, as well as representing financial service companies like Cantor Fitzgerald.
Throughout his campaign, Donald Trump frequently criticized the SEC’s recent uptick in regulatory actions. He has also hinted that replacing Gensler would be one of his administration’s priorities. Now, his team is weighing several potential candidates for the position.
Paul Atkins, a former SEC commissioner, and Dan Gallagher, the Chief Legal Officer of Robinhood, have been seen as top contenders for the role. However, recent reports from the New York Post suggest that Farley, a seasoned Wall Street attorney, is now being seriously considered.
Farley is known for his deep knowledge of SEC history. In 2015, he authored Wall Street Wars: The Epic Battles with Washington That Created the Modern Financial System, published by Simon & Schuster. In a 2012 opinion piece for the New York Times, Farley argued for bold, unconventional choices for SEC leadership, encouraging the appointment of a market expert from Wall Street who wouldn’t shy away from challenging vested interests.
The task of assembling Trump’s transition team and evaluating candidates falls to Cantor Fitzgerald CEO Howard Lutnick, who will help make the final decision on who will take over if Gensler is replaced. Farley has not yet made any public comments regarding the possibility of becoming the next SEC chair.
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