Recent developments have revealed that Democrats, like Republicans, are also uneasy with Gary Gensler, Chairman of the SEC. Donald Trump had previously pledged to fire Gensler if elected, and it now appears that some Democratic donors share similar sentiments. According to reports, major Democratic Party donors have expressed dissatisfaction with both Gensler and FTC Chair Lina Khan, urging Kamala Harris’s team to consider their dismissal if Harris wins the upcoming election.
The upcoming November elections are of significant concern to financial markets. Wall Street and Silicon Valley donors who back the Democratic Party and Kamala Harris have shown frustration with the regulatory approaches of both Gensler and Khan. Bloomberg reports that these donors have requested that the Harris campaign replace the two regulators if successful in the election.
FTC Chair Lina Khan, known for implementing stringent rules to enhance market competition, and Gensler, who is perceived to have negatively impacted the technology sector while not addressing Wall Street's needs, have faced criticism. Gensler's term is set to continue until 2026, but his actions have sparked considerable discontent among influential donors.
