White House to tap law professor, former
Hill staffer to serve on CFTC
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[March 04, 2016]
By Sarah N. Lynch
WASHINGTON (Reuters) - President Barack
Obama on Thursday said he plans to tap a law professor and a former
congressional staffer to serve on the Commodity Futures Trading
Commission, the agency that polices the derivatives marketplace.
The White House said it plans to nominate Chris Brummer, a law
professor at Georgetown University and Brian Quintenz, an investment
firm founder who previously worked for former Ohio Republican
Congresswoman Deborah Pryce.
If Brummer and Quintenz are eventually confirmed by the U.S. Senate,
it will finally allow the CFTC to fill its two vacant seats on the
Democratic CFTC Commissioner Mark Wetjen left the agency in August
2015, while Republican CFTC Commissioner Scott O'Malia resigned in
The CFTC won broad new powers to police the over-the-counter
derivatives market in the 2010 Dodd-Frank Wall Street reform law.
The agency has largely completed writing the new regulations, and in
the coming years much of the focus is expected to shift toward
enforcing the rules.
Debate over how the new derivatives rules will impact farmers and
companies that use swaps to hedge their risks, however, has still
remained a hot topic.
Senate Agriculture Committee Chairman Pat Roberts, whose panel will
eventually vote on the two CFTC nominees, said Thursday he wants to
make sure that both Brummer and Quintenz are sensitive to these
so-called "end-users" who rely on derivatives to hedge against price
fluctuations that impact their businesses.
"For the CFTC to effectively function for all stakeholders, we must
make sure nominees have a solid understanding of agriculture and
prioritize the folks who use the futures and derivatives markets to
manage risk," he said in a statement.
Brummer has previously worked in a variety of different roles,
including some in the regulatory arena.
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In 2015, he completed a three-year stint serving on the Financial
Industry Regulatory Authority's National Adjudicatory Council, a
body that reviews disciplinary proceedings of brokers and brokerage
He also served as an academic fellow in the international affairs
office of the Securities and Exchange Commission and has taught at a
variety of universities.
Quintenz, meanwhile, has worked as an analyst and senior associate
with Hill-Townsend Capital LLC. He also served as the director of
travel and as assistant to the treasurer for the presidential
exploratory committee of former Congressman John Kasich.
(Reporting by Sarah N. Lynch; Editing by Andrew Hay and Chris Reese)
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