Trump Nominates Former SEC Commissioner Paul Atkins as Next Chair 

December 10, 2024

President-Elect Donald Trump
nominated former Securities and Exchange (SEC) Commissioner Paul Atkins on Dec. 4 to replace current SEC Chair Gary Gensler who will step down from the agency on Jan. 20.

  • Atkins is the CEO of Patomak Global Partners, a fintech and risk management consultancy he founded in 2009.

Atkins is expected to embrace a deregulatory stance and develop a constructive relationship with the crypto industry.

  • This is a sharp reversal from Gensler’s approach, which many market participants characterized as regulatory overreach and unnecessarily combative.
  • Not surprisingly, his nomination has been received well by Republican lawmakers, as well as current SEC Republican commissioners.
  • Current SEC commissioner Hester Peirce noted on X:

“We have a lot of work to do at the SEC to advance free markets, capital formation, investor choice, and innovation. I’m delighted that Paul Atkins will be returning to lead the effort.”

Atkins has received some bipartisan support. According to Politico, Sen. Kirsten Gillibrand (D-N.Y.) indicated she was likely to support Atkins’ nomination:

“He has the right experience, and I think he’s a commissioner that would work well with Congress.”

Yes, but: Not everyone is welcoming the announcement. According to Politico, Sen. Elizabeth Warren (D-MA), who will serve as ranking member of the Senate Banking Committee in the next Congress, stated that she is:

“Concerned about putting at the helm of the SEC a Wall Street lobbyist whose main contribution during the last financial crisis was to protest fines against the giant corporations that defrauded investors.”

What’s next: Atkins is expected to carefully review Gensler-era rulemakings and identify opportunities for potential rollback.

  • However to repeal rules, regulatory agencies must use the notice and comment process, which can take several months or even years.
  • Agency leadership also can guide staff priorities via enforcement, effectuating practical change outside the rulemaking process.

What's next: The SEC’s climate disclosure requirements, currently stayed by the SEC while the rule is in litigation, are likely in Atkins’ immediate crosshairs. Atkins and other former SEC commissioners wrote during the comment period that the [then] proposal “oversteps the Commission’s congressionally delegated regulatory authority.”

CREFC will monitor closely Atkins’ nomination and keep members apprised of significant regulatory and policy developments at the SEC.

Contact Sairah Burki (sburki@crefc.org) with any questions.
 

Contact 

Sairah Burki
Managing Director, Head of Regulatory
Affairs & Sustainability
703.201.4294
sburki@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2024 CRE Finance Council. All rights reserved.

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