The Senate has confirmed three new CFTC commissioners.
Several commissioners have spoken out over the CFTC’s no action letters, finding that many of them were instituted without leaving them enough time to give their own input into the matter.
Chilton, who had said he would be leaving the CFTC in November, has stated that he will step down from the Commission by March 22nd.
Massad was one of several CFTC nominees to speak on their experience in front of the Senate yesterday, being joined by Sharon Bowen and J. Christopher Giancarlo, who also seem likely to be approved.
Outside of Massad, CFTC nominees Sharon Y. Bowen and J. Christopher Giancarlo, who are slated to take on roles as commissioners, will also be answering some questions for the Senate.
Interestingly, with Bart Chilton leaving the CFTC soon, this will mark the first time the CFTC, originally created to monitor commodity trading and hedging within the agricultural industry, will be without a chairman or commissioner with a background in agriculture.
The driving force behind this reform comes from public and political complaints over the risk involved with having banks trade physical commodities like crude oil and aluminum.
According to Bloomberg, President Obama has selected securities lawyer Sharon Y. Bowen to replace Bart Chilton as CFTC commissioner. The news comes on the heels of Commissioner Mark P. Wetjen being voted in by fellow…
As the year comes to an end, so will the term for current Commodity Futures Trading Commission chairman Gary Gensler, according to Bloomberg, commissioner Mark P. Wetjen will be temporarily taking his place. Though Obama…
The amendment would allow what some are calling more basic derivatives trading to occur, while not affecting more complex and riskier trades.