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Welcome to The Hill’s Business & Economy newsletter

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Business & Economy

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The Big Story

SEC’s Gary Gensler to depart on Inauguration Day

The Securities and Exchange Commission (SEC) chair announced Thursday he will step down when President-elect Trump takes office on Jan. 20.

“The Securities and Exchange Commission is a remarkable agency,” said Gensler, who previously held roles in the Clinton and Obama administrations and was confirmed as SEC chair in March 2021.

“The staff comprises true public servants. It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”

“I thank President Biden for entrusting me with this incredible responsibility,” he continued. “The SEC has met our mission and enforced the law without fear or favor.”

Like many of President Biden’s appointees, Gensler was expected to step down ahead of Trump’s inauguration. Federal Communications Commission Chair Jessica Rosenworcel announced Wednesday that she will also depart on Jan. 20.

Gensler has drawn the ire of the business community on multiple fronts, and the cryptocurrency industry has been especially critical.

They have accused Gensler of regulating by enforcement and failing to provide clarity on the rules of the road for digital assets.

As the president-elect increasingly embraced the crypto industry, the SEC chair even became a target of Trump, who vowed he would remove Gensler if elected at a bitcoin conference over the summer.

The Hill’s Julia Shapero has more here.

Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads

Key business and economic news with implications this week and beyond:

Consumer watchdog to oversee digital wallets, payment apps

Large companies that offer digital wallets and payment apps will now be overseen by the Consumer Financial Protection Bureau (CFPB).

Full Story

81 percent of Gen X worried they won’t get Social Security benefits

The majority of Generation X Americans are worried that they won’t get Social Security benefits paid out once they retire, according to a new survey released Thursday.

Full Story

American Airlines expanding technology, cracking down on line cutting ahead of holiday travel

American Airlines is bolstering its technology to ensure that passengers board only when their assigned group is called as airports prepare for holiday travel, the airline announced in a release Wednesday.

Full Story

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The Ticker

Upcoming news themes and events we’re watching:

Federal Reserve Governor Michelle Bowman is set to deliver a speech on Friday at 6:15 pm E.T. on artificial intelligence in Washington, D.C.

In Other News

Branch out with more stories from the day:

Cutting in line? American Airlines’ new boarding tech might stop you at now over 100 airports

NEW YORK (AP) — Sneaking a little ahead of line to get on that plane faster? American Airlines might …

Full Story

Good to Know

Business and economic news we’ve flagged from other outlets:

Dow closes more than 450 points higher as investors snap up stocks tied to the economy (CNBC)
Trump’s social media company is exploring a crypto payment service called TruthFi (CNN)
US regulators seek to break up Google and force it to sell Chrome (The Associated Press)

What Others are Reading

Top stories on The Hill right now:

What’s next for Matt Gaetz: 5 possibilities

Former Rep. Matt Gaetz’s (R-Fla.) political future is up in the air following his announcement that he is taking his name out of the running to be attorney general in the Trump administration. Read more

Gaetz withdraws from attorney general consideration

Former Rep. Matt Gaetz (R-Fla.) said Thursday he was withdrawing from consideration as President-elect Trump’s nominee to be attorney general. Read more