MutualFundWire.com: It's Paul! Pan and WSJ Cheer

MutualFundWire.com

The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication

Thursday, December 5, 2024

It's Paul! Pan and WSJ Cheer

U.S. President-elect Donald Trump says he has chosen "a proven leader for common sense regulations" for a key federal Wall Street regulator. A fundster trade group chief is one of those already applauding the move.

Paul S. Atkins
Patomak Global Partners
Founder, Chief Executive

Yesterday afternoon, Trump revealed on Truth Social that he plans to nominate Paul Atkins to be the next chair of the U.S. Securities & Exchange Commission (SEC). That comes after several publications reported over the past week that Atkins was leading the pack of candidates for succeeding Gary Gensler in the job.

Atkins, the founder and chief executive of consulting firm Patomak Global Partners, is no stranger to Trump, and he also previously 10 years at the SEC (including six as a commissioner under a prior Republican administration). See MFWire's prior coverage for more details on Atkins' background, including the positions he took and causes he championed when he was an SEC commissioner.

In unveiling his choice of Atkins, Trump offers hints as to why he wants to bring the former commissioner back. Trump doesn't mention Atkins' efforts on behalf of the asset management industry (or mutual funds and ETFs specifically), but he does highlight Atkins' friendliness to the cryptocurrency industry (which would make a notable contrast to the exiting Gensler).

"Paul ... believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before," Trump writes. "As Co-Chairman of the Digital Chamber’s Token Alliance since 2017, he has worked on & studied the digital assets industry. A former SEC Commissioner from 2002-2008, Paul strongly advocated for transparency & protecting investors."

The editorial board of the Wall Street Journal praises Atkins as "a first-rate choice" and "the Anti-Gensler." And Eric Pan, president and CEO of the Investment Company Institute (ICI), offers congratulations to Atkins, calling the former commissioner "a supremely well qualified nominee."

"Atkins understands that registered fund companies play a major role in the US economy," Pan states. "His leadership will be vital to ensuring the strength, fairness, and integrity of our financial markets."

Printed from: MFWire.com/story.asp?s=68252

Copyright 2024, InvestmentWires, Inc.
All Rights Reserved