New SEC head, page-2

https://en.wikipedia.org/wiki/Gary_Gensler#Sarbanes-Oxley
Taken from above reference

Swaps

During Gensler's tenure at the CFTC, he worked closely with the Obama Administration, United States Congress and other regulators to transform the $400 trillion financial derivatives markets that were at the center of the 2008 financial crisis.^[23] Upon becoming chairman, Gensler began leading the Obama Administration's effort "to start policing the Wild West of finance: the murky market for over-the-counter derivatives."^[12] When the Treasury Department released draft legislation to bring regulatory oversight to the swaps market, Gensler sent a letter to Congress arguing that the proposal did not go far enough.^[24]

By the spring of 2010, the momentum in Congress was toward Gensler's vision for derivatives oversight,^[11] and Congress passed comprehensive reform as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010.

After the passage of the Dodd-Frank Act, Gensler led the CFTC's effort to write the rules required to regulate the swaps markets.^[25] He oversaw the agency as it wrote 68 new rules, orders and guidances^[26] and as its reach extended from a $35 trillion futures market to a $400 trillion swaps market.^[5] Under Gensler, the bipartisan commission reached unanimous votes to approve more than 70 percent of the agency's rulemakings.^[5] By the time Gensler left the CFTC in January 2014, the agency was near completion of the rule-writing process to implement the Dodd-Frank Act.^[27]

Enforcement and Libor investigation

Gensler led a revitalization of the enforcement division of the agency, most notably in its prosecution of an enforcement case regarding manipulation of Libor, the London interbank offered rate.^[28]

Early in his tenure, Gensler listened to tape recordings of two Barclays employees as they discussed plans to report false interest rates in an effort to manipulate Libor.^[28] Libor is the average interest rate estimated by leading banks in London that the average leading bank would be charged if borrowing from other banks.^[29] It is used as a reference rate for many financial products, including adjustable rate mortgages, student loans, and car payments.^[6]

"A driving force behind the latest crackdown tied to LIBOR,"^[6] Gensler worked with enforcement division director David Meister and his team to lead the investigative effort and brought charges against five financial institutions for the manipulation of Libor and other benchmark interest rates, resulting in more than $1.7 billion in penalties.^[9] Barclays alone paid $450 million in fines as a result of the Libor investigation.^[6] Gensler has called Libor "unsustainable" and argued that it should be replaced as a benchmark rate.^[30]