(Kitco News) - Positions held by Commodity Futures Trading Commission Chairman Gary Gensler and CFTC Commissioner Bart Chilton are up for renewal, but so far neither official has had their position renewed, which suggests new blood may come into the agency, said an futures industry official on Wednesday.
In addition to Gensler’s and Chilton’s positions being up for renewal, CFTC Commissioner Jill Sommers is leaving soon, said Walter Lukken, chairman of the Futures Industry Association on Wednesday in Chicago. Sommers has said in interviews she would not leave until the last set of Dodd-Frank financial regulatory rules are in place.
“We may be faced with a set of new commissioners who will oversee a complex set of rules,” Lukken said, regarding the implementation of the Dodd-Frank rules. Lukken spoke to members of the futures industry at a luncheon to discuss the view from Washington.
According to a story from March in the Wall Street Journal, the Obama administration said it has asked Gensler to serve a second term as the head of the government agency that oversees the futures industry. However, the Wall Street Journal story said a White House spokesman declined to comment on Gensler’s future.
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Gensler has publically said he will stay with the agency to work on regulations regarding derivatives. Lukken said Gensler can stay on until the end of the year. Lukken said considering that the Obama administration hasn’t officially appointed Gensler yet, Gensler may not be renominated to the term.
When asked by a member attending the luncheon who Lukken thought might replace Gensler, Lukken demurred.
Lukken also commented on the lack of bipartisanship in Washington and how that is having a detrimental effect. He said there are fewer moderates in office, which makes it difficult to get compromises. The lack of politicians working together is harmful for “the markets and the economy will punish us for it,” he said, adding that it will take the American public to vote in moderate politicians to make this change.
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By Debbie
