Gary Gensler, President Biden’s pick to head the Securities and Exchange Commission, arrives to testify on Capitol Hill back in 2012. Gensler won over many skeptics by pushing through tough reforms after the financial crisis when he ran the Commodity Futures Trading Commission.

Commodity Futures Trading Commission (CFTC) Chair Gary Gensler arrives on Capitol Hill in Washington, Tuesday, May 22, 2012, to testify before the Senate Banking Committee about JPMorgan Chase, the largest bank in the United States, which has admitted that it lost $2 billion in recent weeks. (AP Photo/J. Scott Applewhite)