According to a Bloomberg report on September 7, major Democratic donors on Wall Street are stepping up their efforts to ask U.S. Vice President Kamala Harris' team to replace Federal Trade Commission (FTC) Chairman Lina Khan and Securities and Exchange Commission (SEC) Chairman Gary Gensler after she is likely to win the November election.
In calls with Harris’ team and at fundraisers, the deep-pocketed donors have repeatedly called out Khan, accusing him of holding back the tech industry and other parts of the economy, according to people familiar with the matter. Private discussions about replacing Khan have intensified since IAC Chairman Barry Diller and LinkedIn co-founder Reid Hoffman publicly called for his ouster in July.
Meanwhile, some people familiar with the matter said that donors from both parties are also unhappy with Gensler, believing that he is arrogant toward Wall Street. Billionaire Mark Cuban told CNBC this week that he had asked the vice president's team to consider him for the SEC chairmanship.
Although donors may continue to lobby privately, they are unlikely to stop giving money because of Khan's departure. Harris has not made clear to donors about Khan's position. FTC spokesman Douglas Farrar declined to comment, while an SEC spokesman said its projects are improving the efficiency, transparency and resilience of the U.S. capital markets.