Six weeks ago, I published a column predicting that Gary Gensler would be the next Chair of the SEC. Usually, that is the kiss of death for a contender, who quickly falls by the wayside as a result. Since then, as Gensler’s nomination has become firm (possibly confirming my view that he was the optimal candidate), I have received calls from journalists who have a distorted picture of him as an aggressive populist intent on rattling all the cages on Wall Street—a kind of Arthur Levitt on steroids! Personally, I have the opposite image: As a former Goldman Sachs partner, his Populist credentials would not impress Bernie Sanders! Intellectually, Gensler’s perspective seems more that of a financial engineer who wants to make certain that our financial system works and can survive the next crisis.

In any event, this column will review the issues that a Democratic administration must face at the SEC after four long years of Republican deregulation. Let’s begin with an issue that faces the first deadline: