Seriously? You do not find it odd at all that he allowed to be overruled on numerous occasions? And then left at the most convenient time? It's like Ben Bernanke or Yellen having no issues to be overruled by other Fed voting members on rate setting. In addition maybe you can go down the article and list all the lawyers and lobbyists with clear ethnic names that all played part in this and where they came from and where their parachutes landed after all. After that you shall get a clearer picture where US regulators stand with regard to their attitude towards Wall Street. It's one big whore house and everyone sleeps with everyone.
Okay, to be fair here, how is Gensler aiding and abetting the banks here? He specifically placed an exception in the rules and it's that exception which the banks have a beef with.
"In 2009, soon after Gensler took the job, Congress was hashing out the Dodd-Frank bill. A powerful Republican congressman, Rep. Spencer Bachus of Alabama, put forth an amendment that would keep banks’ overseas operations outside the new rules. Alarmed, the Democratic co-sponsor of the bill, Rep. Barney Frank, asked Gensler to craft a counter-proposal.
Gensler and his staff tucked a 17-word insert into a 228-page amendment to the Dodd-Frank bill. The addition seemed to assure banks that the new derivatives rules wouldn’t apply to their overseas trading operations. Bachus backed off. But the insert was craftily worded to leave wiggle room. If those activities “have a direct and significant connection with activities in, or effect on, commerce of the United States,” then the rules would apply, Gensler’s addition read.
One year later, at a late 2010 meeting of the CFTC’s board, one of Gensler’s legal aides declared that the passage in fact gave the regulator worldwide reach over U.S. banks’ trading operations.
A coalition of 13 global banks banded together to fight the clause. They hired Edward J. Rosen, a derivatives lawyer with Cleary Gottlieb Steen & Hamilton, to lead the effort."