Richard Farley, a well-known Wall Street lawyer, has recently emerged as a possible candidate to head the U.S. Securities and Exchange Commission (SEC) as former President Donald Trump won the 2024 elections. Farley, currently a partner at the prominent New York-based law firm Kramer Levin Naftalis & Frankel, chairs the firm’s leveraged finance group. Moreover, he is also known for his work on high-profile financial transactions involving some of the largest banks and financial institutions in the world.
Will Richard Farley Replace SEC Chair Gary Gensler?
Sources reveal that Farley has joined the Trump transition team’s shortlist of potential successors to current SEC Chair Gary Gensler, who is a crypto skeptic. Farley’s background includes representing major banks, such as Goldman Sachs, Credit Suisse, and UBS, on complex financing deals.
His experience extends to advising financial services firms like Cantor Fitzgerald, where he assisted with transactions, including share sales for the biotech company Sorrento Therapeutics in 2017. His role as an advocate for influential financial clients has solidified his reputation as one of Wall Street’s most trusted figures in leveraged finance.
Notably, Cantor CEO Howard Lutnick, who is spearheading Trump’s transition efforts and playing a key role in personnel selection, has a longstanding professional relationship with Farley. This connection could bolster Farley’s prospects of securing the top SEC role.
Farley also maintains close ties with Trump ally Robert F. Kennedy Jr., who is reportedly seeking a cabinet position. According to sources, Kennedy informed Farley of Trump’s election victory with an enthusiastic “five thumbs-up emojis,” sparking an early celebration. Farley reportedly responded confidently, declaring, “It’s over,” as shared in a recent Bloomberg report, which noted his “buoyant” reaction.
Despite his deep-rooted connections in Republican circles, Farley remains a registered Democrat. His political affiliation, however, does not seem to hinder his support for conservative figures. Since marrying Chivacci “Chele” Farley, a Republican and former NYC Finance Chair, his social media presence has reflected increased backing of Republican leaders, including Trump. His wife’s political journey has seen her run for the U.S. Senate in 2018 against Kirsten Gillibrand and later for the U.S. Congress in 2020.
Former Link with SEC
Farley is not only a seasoned finance expert but also an authority on SEC history. In 2015, he authored Wall Street Wars: The Epic Battles with Washington That Created the Modern Financial System, published by Simon & Schuster. In a 2012 opinion piece for the New York Times, Farley advocated for an assertive choice in appointing a new SEC leader.
He also urged the consideration of “a successful market professional from Wall Street, preferably someone who, like Joseph Kennedy, is not concerned with offending interested constituencies.” Farley’s professional journey spans over two decades, including earlier roles at Cahill Gordon, where he was a partner from 2000 to 2011, and at Paul Hastings, where he worked for nearly five years before joining Kramer Levin.
Most recently, he has represented private credit firms and shared insights on Bloomberg Television on the workings of the shadow banking sector. Thus, he has successfully positioned himself as a knowledgeable candidate with a deep understanding of financial markets and regulatory issues. As of Friday, November 8, Farley has declined to comment on his potential candidacy for the SEC chair position, according to the New York Post report.
Other names circulating as possible contenders for the role include Robinhood’s chief legal officer and former SEC commissioner Dan Gallagher, as reported by Politico. Farley’s extensive experience and connections could make him a strong choice. It’s because given Trump’s interest in a leader with a Wall Street background who could navigate complex financial regulations without hesitation.
Also Read: Is Robinhood CLO Dan Gallagher Donald Trump’s Pick for SEC Chairman?
Source: https://www.cryptonewsz.com/richard-farley-replace-sec-gary-gensler-trump/