U.S. SEC taps New Jersey attorney general to head enforcement unit By Reuters

By Chris Prentice

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission (SEC) on Tuesday tapped New Jersey Attorney General Gurbir Grewal to head its enforcement unit tasked with policing markets, changing tack after the previous pick stepped down days in to the job.

Grewal, the first-ever Sikh-American attorney general, has been New Jersey’s chief law enforcement officer since early 2018 after a lifetime working in government outside of stints earlier in his career. He previously worked as an assistant U.S. attorney in New Jersey where he led the office’s economic crimes unit.

“He has the ideal combination of experience, values, and leadership ability to helm the enforcement division,” SEC Chair Gary Gensler said in a statement. “I look forward to working closely with him to protect investors and root out wrongdoing in our markets.”

The appointment marks a change from the SEC’s previous appointment of Alex Oh to the same role in April. Oh had worked in government briefly before becoming a defense attorney. She stepped down several days in to the job due to potential conflicts created by her previous work.

Grewal, 48, has a track record of pushing progressive issues, from prosecuting automobile lenders and credit card companies to going after allegedly discriminatory practices. As New Jersey’s attorney general he repeatedly sued the Trump administration. He has also targeted cryptocurrency fraud and led the largest known prosecution of a data breach, according to New Jersey government websites.

The SEC’s enforcement unit “has a critical role to play in finding and punishing violations of the law,” Grewal said in a statement.

Since taking the helm at the SEC in April, Gensler has signaled the agency will aggressively police U.S. markets. He was pressured by some progressives over Oh’s background which included defending corporate clients against bribery and corruption allegations.

Grewal will start at the SEC on July 26.