Trump appoints former SEC commissioner, Paul Atkins, as new leader
President-elect Donald Trump recently announced that he has chosen Paul Atkins, a Securities and Exchange Commission (SEC) member from 2002 to 2008, to lead the SEC. Upon this news, Senate Banking ranking member Tim Scott, R-S.C., wasted no time praising the decision.
Atkins, who will be replacing current SEC Chair Gary Gensler, has received accolades for his experience and expertise in the financial industry. Gensler, who was appointed by President Joe Biden and assumed office in April 2021, has faced criticism for his aggressive regulatory approach from Republicans and various financial entities.
Tim Scott expressed his confidence in Atkins, stating: “Paul Atkins has the experience necessary to lead the agency out of Gary Gensler’s disastrous tenure and help revitalize the U.S. capital markets system.” With Scott set to become the chair of Senate Banking in the upcoming year, Atkins’ appointment signals a shift in leadership as Republicans take control of the chamber.
Atkins, CEO of Patomak Global Partners, has been critical of what some call “regulation by enforcement” at the SEC, advocating for a clearer regulatory framework. Trump praised Atkins for his understanding of digital assets and the importance of fostering innovation within the United States.
The Investment Company Institute also showed support for Atkins, highlighting his distinguished career and service at the SEC. As Atkins steps into his new role, his focus on promoting sound regulations and enhancing access to capital for entrepreneurs will be closely watched. His stance on issues such as fee disclosure and Regulation Best Interest will shape the trajectory of the SEC under his leadership.
