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By: Meyer Wolfsheim
Richard Farley, a prominent Wall Street lawyer known for his expertise in leveraged buyouts, is reportedly under consideration to lead the U.S. Securities and Exchange Commission (SEC) for the Trump administration, according to the New York Post.
Farley, a partner at the prestigious New York law firm Kramer Levin Naftalis & Frankel and chair of its leveraged finance group, is being eyed as a possible replacement for current SEC Chair Gary Gensler, sources close to the Trump transition team told the Post.
With a background advising some of the largest banks, including Goldman Sachs, Credit Suisse, and UBS, as well as financial firms like Cantor Fitzgerald, Farley has built a notable reputation on Wall Street. In 2017, he represented Cantor in a major financing transaction involving Sorrento Therapeutics. Cantor’s CEO, Howard Lutnick, who is also a key figure in the Trump transition team, is responsible for vetting candidates for federal roles, adding credibility to Farley’s potential SEC candidacy.
Farley is connected to several prominent figures in the Trump circle. He is a longtime friend of Robert F. Kennedy Jr., a vocal Trump supporter who has been vying for a cabinet role. According to Bloomberg, Farley received a celebratory text with thumbs-up emojis from Kennedy on election night, signaling confidence in Trump’s victory.
Despite being a registered Democrat, Farley has shown increasing support for Republican figures, including Trump, which is reflected in his social media activity since marrying Chivacci “Chele” Farley, the GOP’s New York City Finance Chairwoman, in 2016. His wife ran for U.S. Senate in 2018 against Kirsten Gillibrand and later for Congress in 2020, strengthening the couple’s political profile in Republican circles.
Farley is also a historian of the SEC, having authored Wall Street Wars: The Epic Battles with Washington That Created the Modern Financial System in 2015. In a 2012 New York Times op-ed, he called for a “bold choice” for SEC leadership, suggesting a Wall Street veteran unafraid to challenge vested interests. This perspective, combined with his financial experience, may make him a viable candidate for the role, the Post noted.
Farley’s extensive career includes time as a partner at Cahill Gordon (2000-2011) and a stint at Paul Hastings before joining Kramer Levin. Recently, he has represented private credit firms and spoke on Bloomberg TV about the complexities of the shadow banking system.
While Farley declined to comment on the SEC role when contacted by the New York Post, other potential candidates have surfaced. Dan Gallagher, Robinhood’s chief legal officer and a former SEC commissioner, along with Chris Giancarlo, former chair of the Commodity Futures Trading Commission known as “CryptoDad,” and current SEC Commissioner Hester Peirce are among the names being floated, according to Politico.
Trump’s team is reportedly focused on reshaping agencies like the SEC to emphasize their consumer protection roots, aiming to distance the agency from Gensler’s influence. The New York Post reports that removing Gensler has become a top priority, as the current SEC chair has indicated he intends to finish his term through June 2026. The direction of the SEC under a potential Trump-appointed chair like Farley could reflect a significant shift in regulatory priorities.
