CFTC’s Berkovitz Steps Down

The U.S. Commodity Futures Trading Commission (CFTC) announced on Friday the departure of General Counsel Dan M. Berkovitz. Mr. Berkovitz ends a 30-year career with the Federal government, and has served as the CFTC’s General Counsel since June 2009. During this crucial period, he advised the Commission on a variety of landmark legislative and regulatory initiatives that have improved the integrity, transparency, and safety of the nation’s financial and commodity markets.

In a press release issued by the CFTC, Chairman Gary Gensler stated:

Capping off 30 years of public service, Dan has so much to be proud of, foremost his leadership and counsel to the Administration, Congress and this Commission on swaps market reform that is now benefiting the public [. . .] The public and this agency are losing a remarkable general counsel. He will be missed by everyone at the CFTC. I am honored to call him my friend.

Dodd-Frank Act Reform

Mr. Berkovitz was key to counseling the chairman and commissioners during the passage and implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). He has represented and counseled the Commission on matters before the Congress, the courts, and the public — and while he has announced no plans — Mr. Berkovitz will depart the agency at the end of March.

Following the passage of Dodd-Frank, Mr. Berkovitz led the legal review of every rule making presented to the Commission to implement the Act. Mr. Berkovitz stated in a press release:

It has been an honor and a privilege to work with Chairman Gensler, the Commissioners and the staff of the Commission during such a transformational period for the CFTC and the financial markets[. . .]I am particularly grateful for the opportunity to work on the Dodd-Frank legislation on behalf of the Commission and the extraordinary efforts by the Commission and staff over the past several years to implement that legislation. The Commission’s initiatives in these and other areas have made our financial and commodity markets more transparent, more accountable, and safer for the American public. I also would like to express my deep appreciation to my colleagues in the Office of General Counsel and throughout the agency for their hard work, support and collaboration in these efforts.

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