Former Wall Street cop Gary Gensler to join Biden transition

A spokesperson for the Biden transition team declined to comment. The Wall Street Journal earlier reported Gensler’s involvement.

Sources said they also expected Don Graves, who recently worked for Cleveland-based KeyBank, to focus on financial policy. Graves, who was already announced as a member of Biden’s transition team, served in Biden’s vice presidential office and in the Treasury Department. Graves was KeyBank’s head of corporate responsibility and community relations until September.

At the CFTC, Gensler led efforts to impose sweeping new rules on the trading of financial derivatives known as swaps, which had been largely unregulated before they helped fuel the 2008 Wall Street meltdown.

He left the agency as one of the most consequential regulators in the aftermath of the financial crisis, having led the CFTC through a vast expansion of its powers and a major overhaul of how the government oversees derivatives markets.