Richard Farley — a partner at New York white-shoe law firm Kramer Levin Naftalis & Frankel who is chairman of its leveraged finance group — has joined Donald Trump’s transition team’s list of possible replacements for current SEC Chair Gary Gensler, according to a report from the New York Post. Farley has represented some of the world’s biggest banks on major financing deals, including Goldman Sachs, Credit Suisse, and UBS. In addition, he has represented financial services companies including Cantor Fitzgerald.
Throughout his campaign, Donald Trump targeted the SEC’s increased enforcement action against the sector. In previous interviews, he noted that replacing Gary Gensler would be a priority for his new administration. Now, multiple options are being considered by Trump’s team as a viable new Chair.
Who Is Donald Trump Considering As New SEC Chair?
Paul Atkins, a former SEC commissioner, and Dan Gallagher, Robinhood’s CLO, are among the leading contenders for SEC chair. However, the New York Post reports that the Trump team is considering a top lawyer on Wall Street: Richard Farley.
Also Read: Who Will Helm the SEC? Key Contenders for Chairman in Trump’s Administration
Furthermore, Farley is an SEC historian. In 2015, he wrote the Simon & Schuster book “Wall Street Wars: The Epic Battles with Washington That Created the Modern Financial System.” In December 2012, he penned a New York Times opinion column arguing that it was time for a “bold choice” for a new SEC chief after President Barack Obama’s White House victory. He called for “a successful market professional from Wall Street, preferably someone who, like Joseph Kennedy, is not concerned with offending interested constituencies.”
Cantor CEO Howard Lutnick is helping to lead Trump’s transition team and is in charge of choosing personnel. It will be up to him to decide between the multiple candidates to replace Gensler if he is indeed fired. Farley has yet to publicly comment on his rumored favoritism for the SEC chair position.