Gary Gensler's nomination to serve as chairman of the Securities and Exchange Commission was approved Wednesday by the Senate Banking Committee. All 12 Democrats and two Republicans voted to advance his name for full Senate approval.
At his confirmation hearing before the panel March 2, Mr. Gensler said that the SEC should seek more climate-risk disclosure from companies and that the investor community "gets to decide what is material." He pledged to have the agency take the next steps to advance disclosure requirements for companies.
Mr. Gensler also promised to examine whether there are issues related to the role of proxy adviser firms and potential conflicts of interest, and to crack down on insider trading.