(Bloomberg) -- Former U.S. Senator Judd Gregg is stepping down as the head of Wall Street’s biggest lobbying group, according to people briefed on the discussions.

Gregg, 66, was named chief executive officer of the Securities Industry and Financial Markets Association in May. He retired from the Senate in 2011. A New Hampshire Republican, he also served two terms as the state’s governor. The people briefed asked not to be identified because Gregg’s plans haven’t been announced.

Pending a vote of the group’s board, Sifma President Kenneth Bentsen will take over as CEO, one of the people said. Gregg decided to give up the top job in part because of its hectic travel schedule, the person added, and will remain with the association as a senior adviser.

SIFMA has played a major role helping the industry influence the hundreds of regulations from the Dodd-Frank Act. The group is also taking a lead in fighting legislative efforts to break up “too-big-to-fail” banks. Its members include Goldman Sachs Group, JPMorgan Chase, Citigroup and Bank of America.

Katrina Cavalli, a SIFMA spokeswoman, couldn’t be immediately reached for comment.

In his few months on the job, Gregg has been a visible spokesman for the industry in both Washington and New York, making frequent media appearances. The group and other trade organizations also recently sued the Commodity Futures Trading Commission, seeking to rein in the agency’s overseas reach.

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