Who's who on the Hill

And with that, we’ve got the final prospective financial regulator that all investors need to know by name.

Under the Biden administration, the Department of Justice, the Financial Trade Commission, and the Securities and Exchange Commission haven’t been shy about pushing back against companies of all shapes and sizes. Shooting down mergers, breaking up monopolies—you name it, they’ve done it.

But a Trump administration will bring a lot of changes, particularly at the top levels of financial regulatory agencies. So, who are the people up for the jobs that can help make or break your portfolio?

• The current head of the DOJ is Attorney General Merrick Garland, whom President-elect Trump plans to replace with Pam Bondi. Bondi was Florida’s first female attorney general, was part of Trump’s legal team during his first impeachment trial, and currently leads the legal group of the conservative think tank America First Policy Institute.
• Despised by crypto investors, SEC Chair Gary Gensler will be replaced by Paul Atkins. Atkins worked as a commissioner at the SEC in the ‘90s, founded the financial consulting firm Patomak Global Partners, and is a member of the cryptocurrency advocacy organization Token Alliance.
• Trump’s latest nomination is Andrew Ferguson, who is poised to replace Lina Khan as chair of the FTC. Ferguson has been working at the FTC since April as one of its five primary commissioners, and before that he was the solicitor general of Virginia.
• Don’t forget the Treasury Department: Secretary Janet Yellen will potentially be replaced by Scott Bessent. Bessent’s nomination was roundly applauded by Wall Streeters, who like his history as a hedge fund manager first under George Soros and later at his own firm Key Square Group.

All of the nominees above require Senate approval except for Ferguson, and it’s Ferguson who represents what will likely be the most dramatic departure from his predecessor.

Khan has enforced an agenda of stopping large mergers and acquisitions in their tracks, but Ferguson is expected to take a lighter hand when it comes to dealmaking. However, both have the same message for Big Tech: Watch out. He’ll be joined on the warpath by Assistant Attorney General nominee Gail Slater, who will be focused on antitrust cases at the DOJ, particularly pertaining to tech companies.

Big changes are afoot on Capitol Hill, and they can have serious ramifications on Wall Street, so keep a close eye on these power players ahead of the new presidential administration.—MR