Hanging on the wall in Gary Gensler’s office is a quote from a letter penned by Felix Frankfurter, later a Supreme Court justice, to President Franklin Roosevelt. It is dated 1934, the year the Securities and Exchange Commission was established to regulate markets.
It advises the president to appoint administrators “who have stamina and do not weary of the fight, who are moved neither by blandishments nor fears, who in a word, unite public zeal with unusual capacity.”
To his advocates, Gensler, the chair of America’s securities watchdog and one of the most powerful regulators in the world, is just such an individual.
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