Tim Draper responds to SEC Chair Gary Gensler calling the crypto industry “scam artists” and “fraudsters” on “The Claman Countdown.”
Securities and Exchange Commission (SEC) Chairman Gary Gensler’s net worth skyrocketed as much as $100 million, or 650%, over the last decade even as he has largely served in government agencies, according to a Fox News Digital analysis.
Gensler — who was selected by President Biden to lead the SEC, the nation’s top financial regulator, in 2021 — has seen his net worth grow from between $15.5 million and $61.8 million in 2009 to between $40 million and $116.2 million, as of his most recent disclosure earlier this year, per financial filings obtained by Fox News Digital.
Gensler’s employment assets and retirement accounts are valued at between $3.1 million and $12 million while his other assets — including a Maryland property worth between $500,001 and $1 million and various stock market index funds — are worth between $36.9 million and $104 million. A large share of his other assets are invested in exchange-traded funds (ETF), which are externally managed and include shares in a wide range of diverse companies.
The SEC chair’s largest investment is in the Total Market Index Fund ETF managed by Vanguard and is worth $25 million to $50 million while his second-largest is in Vanguard’s European Stock Index Fund ETF and is worth $5 million to $25 million. The Total Market Index Fund ETF comprises a wide range of companies, but it is most heavily invested in the technology sector and its largest investments are in Apple, Microsoft, Amazon and Nvidia.
“Chair Gensler has made annual public financial disclosures that list his financial interests and sources of income during his government service, including his three years at the SEC and five years at the CFTC. The filings also cover the years preceding Chair Gensler’s appointments to both roles,” an SEC spokesperson told FOX Business in a statement.
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SEC Chair Gary Gensler speaks during a House Appropriations subcommittee hearing on March 29, 2023. (Al Drago / Bloomberg / Getty Images)
The spokesperson noted that, based on the broad ranges provided in Gensler’s disclosures, his net worth may have also plummeted by about $22 million. However, the spokesperson confirmed the fluctuation of the SEC chairman’s net worth was consistent with the S&P 500 index’s roughly 600% uptick between 2009 and 2023, arguing that “it’s no surprise that the value of the Chair’s holdings may also be up several fold.”
Meanwhile, the revelation that Gensler’s net worth has substantially increased comes as bipartisan lawmakers press to reform laws that govern federal officials’ stock market trading activity.
“Politicians and civil servants shouldn’t spend their time day trading and trying to make a profit at the expense of the American public, but that’s exactly what so many are doing,” Sen. Josh Hawley, R-Mo., said earlier this year.
“Sunlight is the best disinfectant. It is critical that the American people know that their elected leaders are putting the public first — not looking for ways to line their own pockets,” Sen. Kirsten Gillibrand, D-N.Y., added.
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In July, Hawley and Gillibrand introduced the Ban Stock Trading for Government Officials Act, which would ban government officials from engaging in stock trades and create hefty new disclosure requirements for Congress, senior executive branch officials, and their spouses and dependents. The bill would ban officials and their family from holding or trading stocks and wouldn’t exclude blind trusts.
Gensler’s most recent reported financial transactions are two sales of the Vanguard Total Stock Market Index Fund ETF worth up to $500,000 and $1 million on Jan. 10, 2022, and Aug. 30, 2022, respectively.
“Politicians and civil servants shouldn’t spend their time day trading and trying to make a profit at the expense of the American public, but that’s exactly what so many are doing,” Sen. Josh Hawley, R-Mo., said in July. (Kevin Dietsch / File / Getty Images)
And Gensler’s overall net worth increase since 2009 has come while he has worked primarily in public service roles.
He served as the chair of the Commodity Futures Trading Commission (CFTC) during the Obama administration beginning in 2009 and led the Maryland Financial Consumer Protection Commission in an unpaid capacity beginning in 2017. He also worked as the chief financial officer of former Secretary of State Hillary Clinton’s presidential campaign in 2015 and 2016, as an adviser on Biden’s transition team in 2020 and as a Massachusetts Institute of Technology professor since 2018.
Gensler’s 2009 financial filing reviewed by Fox News Digital was part of his ethics disclosure he filed before taking the helm at the CFTC.
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Prior to joining the Obama administration, he served in the Treasury Department, worked as an adviser to former Democrat Maryland Sen. Paul Sarbanes and had a decades-long private sector career at multinational investment bank Goldman Sachs.
Gensler, however, is just one of many individuals to see their net worth increase while serving in government.
Other government officials, such as former National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci, have experienced net worth increases. (Saul Loeb / AFP / File / Getty Images)
Former National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci and his wife’s net worth also expanded by millions of dollars in recent years, Fox News Digital previously reported.
The Faucis saw their fortunes grow from around $9.54 million in 2019 to $11.5 million at the end of 2022. The increase was primarily due to investment gains, awards, compensation and royalties. However, the couple experienced a $1.1 million net worth decline from 2021 to 2022. They reported a combined $12.6 million net worth in 2021.
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Likewise, congressional members from both political parties routinely experience expansive net worth gains during their government time.
California Democrat Nancy Pelosi, for example, saw her net worth boost by nearly $140 million between 2008 and 2021, the Washington Free Beacon reported. Her increase was largely due to stock trades from her husband, Paul Pelosi.
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