Kamala Harris faces pressure to remove FTC and SEC chairs
- Major donors to Kamala Harris are urging her to remove FTC Chair Lina Khan and SEC Chair Gary Gensler if she wins the presidency.
- Khan has faced criticism for her regulatory approach, particularly from Wall Street and tech industry leaders, while Gensler is disliked by both Democratic and Republican donors for his push for tougher regulations.
- The pressure from donors highlights the growing intersection of politics and regulatory actions, complicating the landscape for future governance.
Vice President Kamala Harris is facing pressure from major campaign donors to remove FTC Chair Lina Khan and SEC Chair Gary Gensler if she wins the presidency. These influential backers, including billionaire donors, have expressed dissatisfaction with Khan's regulatory approach, particularly in the tech sector, claiming it has hindered deal-making. The calls for Khan's ousting intensified after public criticisms from prominent figures like Barry Diller and Reid Hoffman, who accused her of waging a war on American business. Khan, appointed by President Biden in 2021, has garnered support from progressive lawmakers, yet her tenure has been marked by significant pushback from Wall Street and Silicon Valley. Despite the pressure, Harris's campaign has not clarified her stance on Khan, and donors continue to support her candidacy without conditions related to Khan's position. Gensler, whose term extends until 2026, faces criticism from both sides of the political spectrum for advocating stricter regulations, particularly in the cryptocurrency sector. His approach has drawn ire from various donors, including those who have endorsed Harris, such as Mark Cuban, who has suggested changes at the SEC. The evolving political landscape has blurred the lines between regulatory actions and political pressures, with experts noting that decisions are increasingly influenced by political considerations rather than purely market-driven factors. This shift poses challenges for regulators as they navigate the complex interplay of business interests and political expectations.