To be replaced in January 2025
On the heels of SEC chair Gary Gensler announcing his resignation Thursday
- Yellen and Gensler out could be positive long-term for USA, short-term its a mess
- Yellen has received flack from critics of the Biden administration for how ~1.8T federal budget deficit was financed
- Moved to using short-term debt (2yr & shorter notes)- 15% to 30%
- Set a ticking fiscal bomb for the next administration without spooking markets in an election year.
- Longer term this could impact stock & bond markets are greater volume of shot term debt matures annually
- Gensler essentially went rogue against the SEC’s congressional mandate of investor protection
- Tried to push costly and onerous ESG disclosures on public companies
- Focused on fighting crypto businesses via legal action, avoided providing regulatory clarity
- Chilling effect on US Crypto industry, drive US business overseas
- Crypto markets have been reacting favorably to rumor and confirmation of his resignation
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