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 has nominated Timothy Massad to take the position, the Senate is yet to hold a hearing to vote on the matter. In the meantime, the commissioners will vote fellow commissioner Wetjen into the position on an interim basis, as they wait on the Senate.
Wetjen, a democrat, was a former advisor to Senate Majority Leader Hary Reid.
Wetjen may find himself sitting as chairman for a while, as the Senate seems to be dragging their feet a bit when it comes to voting in new members to the CFTC; they have yet to vote on the replacement for Jill E. Sommers, who stepped down from her position back in July. With Sommmers gone, Gensler leaving, and commissioner Bart Chilton having one foot out the door, the CFTC may find itself being run by merely two of the five commissioners it’s supposed to have.
Chilton, who was a favorite to take over as chairman before announcing his own departure recently, will actually stick around longer than he had previously stated in order to help the Commission as it adjusts to these new changes.