[inaudible conversations] [inaudible conversations] [inaudible conversations] the committee will come to order. The gentleman from illinois mr. Foster is recognized for five minutes. Thank you, madam chairman. Mr. Scharf, iraq with the concerns my colleagues on this committee about the extensive shortcomings of west fargo over a number of years past and do hope you are as committed and as successful in turning your dash as you stated in your testimony. Id like to bring up the issue of dreamers. This is ang issue that hits cle to home. Last summer a dreamer from illinois filed suit because he was wrongfully denied an auto loan because of his daca status. I was glad to see some of the changes that wells fargo has decided to implement recently including its plan to provide Daca Recipients with credit products, education loans and mortgages. I cannot emphasize enough how important this commitment is and hope you worked work diligentlo implement this new policy. Because this release is one
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BROKER-DEALER -
Gary Gensler Names Initial Senior Staff Members -
On April 19, the Securities and Exchange Commission announced the appointments of SEC Chair Gary Gensler’s senior staff, who will be responsible for advising Gensler on matters before the SEC. Prashant Yerramalli, appointed as SEC’s Chief of Staff, will continue to serve the role, which he has held since January under Acting Chair Allison Herren Lee. Heather Slavkin Corzo, appointed as Policy Director, will lead a team of policy experts who will advise Gensler on SEC rulemakings. Kevin Burris, appointed as Counselor to the Chair and Director of the Office of Legislative and Intergovernmental Affairs, will serve as the SEC’s primary liaison to Members of Congress, other federal agencies and state governments. He is responsible for developing legislative strategy, coordinating Congressional testimony and responding to Congressional requests. Scott Schneider, appointed as Counselor to the Chair and Director of the
Regulatory Agencies
Just two days after being sworn in as Chair of the Securities and Exchange Commission, Gary Gensler has already named four senior staffers, one of whom could signal a pivot toward an activist SEC.
After being confirmed by the U.S. Senate on April 14, Gensler was sworn in on April 17. His swearing in now shifts the power structure of the Commission back to three Democrats (Gensler, Allison Herren Lee and Caroline Crenshaw) to two Republicans (Hester Peirce and Elad Roisman). Allison Herren Lee had been serving as Acting Chair in the interim.
The new chairman is expected to bring a strong enforcement focus to the Commission, along with a more progressive agenda. In announcing the appointment of his policy director, Gensler has given the nod to someone with strong ties to labor unions and public interest groups.