New SEC chair Gary Gensler sworn into office

New Securities and Exchange Commission (SEC) Chairman Gary Gensler was sworn into office on Saturday.

“I feel incredibly privileged to join the SEC’s team of remarkable public servants,” Gensler said in a statement.

“As Chair, every day I will be animated by our mission: protecting investors, facilitating capital formation, and promoting fair, orderly, and efficient markets. It is that mission that has helped make American capital markets the most robust in the world,” he added.

The SEC is now back to full strength with five members, and Democrats have cemented their 3-2 majority.

Gensler was sworn in as a member of the SEC three days after the Senate confirmed him to lead the nation’s top financial regulator.

The Senate voted 53-45 on his nomination, with three Republicans joining all Democrats to vote for him.

Republicans were largely against his nomination due to his plans to expand the SEC’s regulatory efforts.

President Biden picked Gensler for the position on Feb. 3.

“I’m honored that President Biden nominated me, and I’m grateful to Vice President Harris and the Senate for their support,” Gensler said Saturday.

Gensler’s record includes experience working in the Clinton and Obama administrations. He also worked on Wall Street and was a professor at the Massachusetts Institute of Technology Sloan School of Management.