ARTICLE · 13 NOVEMBER 2024

A Second Trump Administration: Implications For Asset Managers

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On Wednesday, November 6, 2024, major media outlets announced Donald J. Trump as the winner of the 2024 U.S. presidential election. This alert discusses the potential impact of Mr. Trump's election on the U.S. Securities and Exchange Commission (the "SEC") and the regulation of asset managers more generally.

I. The SEC under President Trump

Likely New SEC Chair – and, Perhaps, New IM Division Director

The most immediate effect of an upcoming second Trump administration relates to the tenure of SEC Chair Gary Gensler. Chair Gensler was appointed to his position by President Biden early in his term and was ultimately confirmed to a five-year term through 2026 in April 2021. As a longtime Democratic appointee, it is unlikely that Chair Gensler will stay on following the inauguration of President Trump – it has been longstanding practice for SEC Chairs to resign in advance of the transition of power (e.g., Chair Gensler's predecessor, Jay Clayton, left the SEC in

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A Second Trump Administration: Implications For Asset Managers

I. The SEC under President Trump

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