The Securities Industry and Financial Markets Association has named former U.S. Sen. Judd Gregg its new chief executive.

Gregg succeeds interim CEO and former U.S. Rep. Kenneth Bentsen, who has been named president, the trade group said Monday. Bentsen has been acting president and CEO since February, when former president and CEO Timothy Ryan left the trade group to run JPMorgan's regulatory affairs office.

Gregg served three terms as a Republican senator from New Hampshire and was a chairman of the Senate Budget Committee from 2005 through 2007. In 2009, he had reportedly accepted an offer from President Obama to become the next U.S. secretary of Commerce, but Gregg withdrew his nomination shortly afterward, citing disagreements with the administration over reforms to the census administration. Gregg did not seek re-election in 2010.

Before joining the Senate, Gregg served two terms as New Hampshire's governor and four terms as a member of the U.S. House of Representatives. After leaving the Senate, he became an advisor to Goldman Sachs (GS).

Bentsen had been Sifma's executive vice president of public policy and advocacy since 2009, before becoming interim CEO in February. He served as a Democratic congressman from Texas from 1995 through 2003, and was president of the Equipment Leasing and Finance Association before joining Sifma.

Both appointments took effect immediately, a Sifma spokeswoman said.

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