CFTC Chairman Gary Gensler’s term will end tomorrow. However, he may stay on until next year, writing regulatory rules for financial entities, including Goldman Sachs and JPMorgan. Under federal rules, Gensler may remain as chairman until 2013.
There are stipulations. Should Obama lose the presidential re-election, his successor could nominate a replacement as a chairman. Gary Gensler is a Democrat.
In a FIA speech last month in Boca Raton, Florida, Gensler said he anticipated “serving in this post well past April 13. There is a lot of work we have to do together in this administration to get these rules finalized.”
The CFTC missed last July’s deadline to complete the rules, and are trying to finish the task by the end of 2012. Republicans argue that Gensler has gone beyond the CFTC’s authority to impose Dodd-Frank regulations, and made mistakes in responding to the MF Global investigation. Democrats criticize Gensler for moving slowly on adopting oil and gas speculative regulations.
Gensler requires 60 votes for confirmation in the U.S. Senate. A senator can block confirmation if they hold up a vote.
Read more about the end of Gensler’s term.