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November 7, 2013

3 of 5 CFTC commissioners replaced at once | Reuters: Chilton to leave

From this Reuters article by John Kemp, Commissioner Bart Chilton (Democrat) announced Tuesday he will leave CFTC shortly – joining Chairman Gary Gensler (Democrat, leaves at year end) and Commissioner Jill Sommers (Republican, left in the July).

This leaves two commissioners in place: Scott O'Malia (Republican) and Mark Wetjen (Democrat) in place and no doubt puts some urgency on effecting replacement.  Evidently a package of three names will be nominated by President Obama (2 Democrats and a Republican) simultaneously to minimize partisan disruption during Senate approval.

Who will lead is not clear – Mark Wetjen is the only remaining Democrat but a new commissioner could lead also (having Republican O'Malia lead seems beyond political possibility regardless of his qualifications / seniority).

Whether their approach will be continuity or a shift of emphasis is even less clear.

Question: What changes of OTC regulation approach would you make if you were Chairman?  Answers in comments below please.

 


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