Kamala Harris Reportedly Considering Gary Gensler for Treasury Secretary if Elected: Senate Sources

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Hassan Shittu

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Hassan Shittu

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August 19, 2024

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Vice President Kamala Harris may nominate SEC Chairman Gary Gensler as Treasury Secretary if she wins the upcoming November election, according to multiple senior Senate staffers.

While Gensler has not publicly expressed any intention to leave his current position, senior Senate staffers have told the Washington Reporter that Harris is considering nominating him as her Treasury Secretary. These rumors align with statements from top Republicans who have also voiced concerns about this potential move.

This potential move would represent a major shift for Gensler, who has played a prominent role in regulating the cryptocurrency industry. His possible transition to the Treasury Department raises questions about the future of crypto regulation and the broader impact on his career.

SEC’s Gary Gensler Faces Uncertain Future Amid Political Speculation and Criticism

Rep. Tom Emmer (R., Minn.) has been particularly vocal, warning that a Harris administration could choose either Gensler or Sen. Elizabeth Warren (D., Mass.) for the Treasury role, a move he believes would be detrimental to the economy.

Emmer criticized Gensler’s track record at the SEC, stating,

“Gensler has been bringing lawsuits all over the place — and losing all over the place. That time’s past. Gary Gensler needs to move on. His career in government should be over.”

If Harris wins, it is expected that Gensler will face “unified Republican opposition” in the Senate. However, he is likely to receive strong support from Democrats, including potential votes from Reps. Elissa Slotkin (D., Mich.) and Ruben Gallego (D., Ariz.).

Both have maintained anti-cryptocurrency voting records despite receiving significant financial backing from Fairshake PAC, a pro-cryptocurrency group. Neither Slotkin nor Gallego has commented on whether they would support Gensler’s nomination, but Republicans are reportedly preparing to challenge his potential appointment.

In addition to these rumors, there is speculation that Gensler might step down as SEC chairman before the November election, allowing President Joe Biden to appoint a new chair. This move could set the stage for Gensler to revert to a commissioner role, with Biden potentially selecting Caroline Crenshaw, who has been noted for her critical stance on the cryptocurrency industry, as his successor.

Katie Biber, Chief Legal Officer of crypto-related investment firm Paradigm, has floated the idea of a “Gensler plan” that would ensure a Democratic majority on the SEC Commission in 2025, even if a newly-elected President Trump attempted to remove him.

According to this theory, Gensler might agree to step down as chairman only if Harris assured him of a Treasury Secretary nomination if she wins.

While the “Gensler plan” remains speculative, it highlights the complex political maneuvering that could shape the leadership of key financial regulatory bodies in the coming years.

Kamala Harris To Raise Corporate Tax Rate From 21% To 28% If Elected President

Vice President Kamala Harris is proposing to raise the corporate tax rate to 28% to fund her ambitious plans. Harris’s campaign spokesperson, James Singer, described the tax hike as a way to ensure fair contributions from billionaires and corporations while benefiting working people.

The proposed increase will generate hundreds of billions over a decade and partially reverse the 2017 tax cut that lowered the rate from 35% to 21%. Harris’s plan, revealed during the Democratic convention, aligns with President Biden’s budget but is more moderate than her 2020 proposal to restore the rate to 35%.

While Republicans are expected to oppose the hike, Harris could use negotiations to address expiring Trump tax cuts set for 2025. Trump has warned that failure to renew his cuts could harm the economy, while Harris criticizes his policies for potentially increasing the deficit and taxes on the middle class.