Will Kamala Harris make Gary Gensler Treasury Secretary if she wins the election?

Vice President Kamala Harris could nominate SEC Chairman Gary Gensler as Treasury Secretary if she wins the upcoming November election, according to several senior Senate staffers.

While Gensler has not publicly expressed an intention to leave his current position, senior Senate staffers told the Washington Reporter that Harris is considering nominating him for the Treasury Secretary role. These rumors align with statements from leading Republicans, who have also expressed concern about this potential move.

For Gensler, who has played a prominent role in regulating the cryptocurrency industry, this possible shift would mark a significant change. His potential move to the Treasury Department raises questions about the future of crypto regulation and the broader implications for his career.

Gary Gensler faces an uncertain future amid political speculation and criticism

BREAKING: Kamala Harris is allegedly considering SEC chairman Gary Gensler as US Treasury Secretary if she wins the election, per DC Senate sources

— unusual_whales (@unusual_whales) August 19, 2024

Representative Tom Emmer (R., Minn.) has been particularly vocal, warning that a Harris administration could choose either Gensler or Senator Elizabeth Warren (D., Mass.) for the Treasury Secretary position, which he believes would harm the economy. Emmer criticized Gensler’s track record at the SEC, stating,

“Gensler has filed lawsuits everywhere—and lost everywhere. That time is over. Gary Gensler needs to move on. His career in government should be over.”

If Harris wins, Gensler is expected to face “unified Republican opposition” in the Senate. However, he will likely receive strong support from Democrats, including potential votes from Representatives Elissa Slotkin (D., Mich.) and Ruben Gallego (D., Ariz.).

Both have maintained anti-crypto voting records despite receiving substantial financial support from Fairshake PAC, a pro-cryptocurrency group. Neither Slotkin nor Gallego has commented on whether they would support Gensler’s nomination, but reports suggest Republicans are preparing to challenge his potential appointment.

In addition to these rumors, there is speculation that Gensler might step down as SEC chairman before the November elections, allowing President Joe Biden to appoint a new chair. This move could set the stage for Gensler to return to a commissioner role, with Biden possibly choosing Caroline Crenshaw, known for her critical stance on the cryptocurrency industry, as his successor.

Katie Biber, Chief Legal Officer of the crypto investment firm Paradigm, has floated the idea of a “Gensler Plan” to ensure a Democratic majority on the SEC commission in 2025, even if a newly elected President Trump were to attempt to remove him.

According to this theory, Gensler might only be willing to step down as chairman if Harris assures him of the Treasury Secretary nomination in the event of her victory.

While the “Gensler Plan” remains speculative, it underscores the complex political maneuvering that could shape the leadership of key financial regulatory bodies in the coming years.

Kamala Harris’s proposal to raise corporate tax rate to 28% if elected

Vice President Kamala Harris proposes raising the corporate tax rate to 28% to fund her ambitious plans. Harris’ campaign spokesperson, James Singer, described the tax hike as a way to ensure fair contributions from billionaires and corporations while helping working people.

The proposed increase is expected to generate hundreds of billions over a decade, partially reversing the 2017 tax cut, which lowered the rate from 35% to 21%. Harris’ plan, introduced during the Democratic National Convention, aligns with President Biden’s budget but is more moderate than her 2020 proposal to raise the rate back to 35%.

Republicans are expected to oppose the increase, but Harris could use the negotiations to address the expiring Trump tax cuts, set to end in 2025. Trump has warned that failing to extend his tax cuts could harm the economy, while Harris has criticized his policies for potentially increasing the deficit and middle-class taxes.