The US Securities Industry and Financial Markets Association (Sifma) has appointed Kenneth Bentsen as CEO in addition to his current role as president.

Bentsen will replace former Senator Judd Gregg who is stepping down as CEO after just eight months in the role. He will continue to work as a senior advisor to the association.

" has been an outstanding member of the Sifma management team for the past five years and we are pleased he will lead Sifma in our important mission of ensuring trust in our financial markets and fostering an understanding of the important role effective and efficient capital markets play in financing a growing American economy," said Jim Rosenthal, Sifma chairman and chief operating officer of Morgan Stanley.

" extensive knowledge of our industry will be critical as we communicate with regulators, Congress and the broader public in the coming years. I also want to thank for his valuable insight over the last year and am pleased he has agreed to remain involved with Sifma as a senior advisor as we communicate the important role a vibrant financial system plays in providing access to capital and credit that promotes economic growth and job creation."

Bentsen has worked at Sifma for several years and previously served as a member of the US House of Representatives from Texas where he sat on the House Financial Services Committee and separately on the House Budget Committee.