Gary Gensler’s Term May Be Over in July

The Commodity Futures Trading Commission Chairman Gary Gensler may be replaced as early as July, reports The Financial Times. His term, which began on May 26th 2009, was set to expire in April this year, but until a new Chairman has been appointed by President Obama, Gensler may ride out the term until the end of this year.

The other members on the commission, such as Jill Sommers, Bart Chilton, Scott O’Malia, and Mark Wetjen are also up for re-appointments this year, and lobbyists and lawyers are waiting eagerly to see what the turnover is. According to the bylaws of the Commission, each commissioner is supposed to serve a five year term, as appointed by the president. Furthermore, no more than three members may be of the same political party at the same time.

2013 may yield a large turnover for CFTC commissioners since Chilton and Gensler’s terms were up this April, and Sommers recently announced her plans to resign. Sommers has been a CFTC commissioner since August 2007 and announced to Bloomberg in January that “My intention is not to leave until after this last group of rules. It’s not effective immediately. I suspect I’ll leave sometime after the first quarter.”

As for the potential new appointees to the commission, several names have come up but none have been confirmed.