May 20, 2013

CFTC Commissioners Expiry Dates | Not a Job For Life

Being a limey I forgot to think that the 5 CFTC commissioners don't stay in their jobs for life, here's when they are due to either retire, or be extended:

  • Scott O'Malia 15th April 2015
  • Jill Sommers 13th April 2014 (but is planning to resign early)
  • Bart Chilton 13th April 2013 (He remains in office until replaced, if at all)
  • Gary Gensler 13th April 2012 (He remains in office until replaced, if at all)
  • Mark Wetjen  19th June 2016

So Mr Gensler is up for renewal or replacement at any time – which is a process which takes place within the committees of the House and Senate, and subject to approval by President Obama. The political split at the moment is:

  • Democrat: Gensler, Chilton & Wetjen
  • Republican: O'Malia & Sommers

With the possible resignation of Jill Sommers and the two options on Bart & Gary, there may be intense lobbying around Washington on any replacements to either strengthen the hold of the Democrats, or move the CFTC towards the Republicans and potentially undo some of Dodd Frank perhaps. Does anyone else know what the current state of play in Washington is for the Commissioners? See link below for background. Terms of Office – CFTC.

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