Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Senate panel to vote on CFTC chairman Tuesday

[April 04, 2014]  By Douwe Miedema

WASHINGTON (Reuters) — A U.S. Senate committee will vote on three candidates for the U.S. Commodity Futures Trading Commission on Tuesday, after the trio met little resistance from lawmakers in a confirmation hearing last month.

President Barack Obama has nominated Timothy Massad, a senior Treasury Department official, to become the new chairman of the CFTC, which oversees futures and swaps markets.

Sharon Bowen, a partner at law firm Latham & Watkins in New York, and Chris Giancarlo, an industry veteran at swaps broker GFI Group Inc, are nominated for two other spots on the five-member commission, which decides on the agency's most important rule-makings and enforcement cases.

The three met little pushback from the Senate committee, which oversees the CFTC, in a March 6 hearing.

If approved by the committee, the full Senate will have to finalize their confirmations.

Bowen has faced questions over her involvement in a decision to not refund money lost in a $7 billion Ponzi scheme set up by Allen Stanford, who is serving a 110-year jail sentence.

(Reporting by Douwe Miedema; editing by Lisa Shumaker)

[© 2014 Thomson Reuters. All rights reserved.]

Copyright 2014 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.