U.S. Commodity Futures Trading Commission (CFTC) head Gary Gensler and Commissioner Scott O’Malia each spoke on the tenure of departing commissioner Jill Sommers yesterday. Now that Sommers plans to depart after the first quarter, O’Malia will be the only remaining Republican commissioner.
CFTC’s Gensler on Sommers:
“It has been an honor to serve along with Jill these last four years. I would like to thank Jill for her dedication to the Commission. She has brought significant experience and a clear and consistent voice to fulfilling the mission of the CFTC. Along with our fellow Commissioners, Jill has worked to bring common-sense swaps market reforms to life and to safeguard the integrity of the futures market. Jill has been essential to these historic efforts. I wish Jill well in all of her future pursuits, and I will miss working with her at the CFTC.”
CFTC’s O’Malia on Sommers
“I am very proud to have had the opportunity to work with Jill Sommers for the past three years. She added tremendous value to the Commission’s work by combining her extensive knowledge of the derivatives markets with her great persistence and dedication. Jill fought for sensible, clear and coherent regulations and was diligent in executing her enforcement duties. Not only will I miss her, but I know the staff of the Commission will miss her as well, given her respectful interaction with them and her appreciation of their hard work. I wish her all the best in her new endeavors and look forward to her continuing to make a positive impact on the derivatives markets.”