Gary Gensler is the current chair of the Securities and Exchange Commission (SEC). He previously worked as a banker, and was also a lecturer at MIT’s Sloan School of Management. Although he’s currently a government official, Gensler made his money as an investment banker. As of 2023, Gary Gensler has a net worth of $119 million.
Early Life
Gary was born with an identical twin named Robert on October 18, 1957. They grew up in a Jewish family of five children in Baltimore, Maryland. Their father, Sam, was a pinball machine and cigarette vendor.
Gary finished Pikesville High School in 1975 and was honored as a Distinguished Alumnus. Afterwards he attended the University of Pennsylvania along with his twin brother. After three years at the university’s Wharton School, Gensler received a bachelor’s degree in economics and earned an MBA the following year.
Business Career
Gensler landed his first job at Goldman Sachs in 1979 and worked there for 18 years. At the age of 30, he became one of the firm’s youngest partners at the time.
In the 1980s, Gensler worked as a senior mergers and acquisitions banker at Goldman Sachs, in charge of the firm’s media advisory efforts. He later moved to Tokyo, where he worked in trade and finance.
He led a group that assisted the National Football League in securing the then-most valuable television deal in history. In his last position at Goldman Sachs, he was co-head of finance and was in charge of global controls and treasury.
Government Roles
Gary Gensler left his career in investment banking when President Bill Clinton offered him the position of Assistant Secretary of the Treasury. From 1997 to 2001, Gensler worked as the Treasury’s Undersecretary for Domestic Finance and Assistant Secretary of the Treasury. During the Obama administration, he headed the Commodity Futures Trading Commission.
Gensler was selected as a voluntary representative of the Joe Biden presidential transition Agency Review Team in November 2020. As the new chairman of the SEC, he supervises securities regulations, banking, and the Federal Reserve.
Net Worth and Salary
With his prominent role in the U.S. government, it is estimated that Gary Gensler earns around $32,000 per month and an annual salary of $384,000. However, Gensler also has other income sources.
Gary is a co-author of The Great Mutual Fund Trap, which is available to purchase on Amazon. Prior to working with the SEC, he lectured at the MIT Sloan School of Management, teaching a course on blockchain technology and money.
Recent Pursuits
Because of the investment risk around crypto, Gensler is a big advocate of protecting investors. As the SEC chairman, he supports the plan of the U.S. Congress to impose crypto regulations. He implies that it is to avoid frauds that are common in the crypto market.
Personal Life
Gensler was married to Francesca Danieli, a cinematographer and photographer. They were together from 1986 until Francesca’s passing due to breast cancer in 2006. The couple had three daughters named Isabel, Lee, and Anna.
