The Senate late Thursday confirmed Mark P. Wetjen, former policy adviser to Senate Majority Leader Harry Reid (D-NV), to a five-year term on the Commodity Futures Trading Commission (CFTC), succeeding departing Commissioner Michael Dunn.

CFTC Chairman Gary Gensler said he was looking forward to Wetjen joining the Commission. “Mark was the majority leader’s point person for bringing the Dodd-Frank Act through the Senate. His experience and dedication to public service will be valuable to the Commission as we continue to finalize the critical reforms to bring transparency to markets and to lower risk.”

For nearly seven years Wetjen worked for Reid, who recommended him for the seat on the CFTC. Wetjen was nominated by President Obama in May.

During his confirmation hearing before the Senate Agriculture Committee last July, Wetjen tried to assure senators that he would be able to make informed and reasoned rulemaking decisions to implement the Dodd-Frank Wall Street Reform Act (see Daily GPI, July 25). “I have been monitoring the work of the Commission for quite some time now,” he said.

Wetjen is joining the Commission at a critical time as it proceeds to implement reforms under Dodd-Frank. Sen. Pat Roberts of Kansas, the ranking Republican on the agriculture panel, expressed concern that Wetjen would be “parachuted” into the middle of the rulemaking process at the CFTC.

The Commission last Tuesday voted out its most contentious rule, which establishes position limits to curb excessive speculation in the futures and economic equivalent swaps markets (see Daily GPI, Oct. 19). But it still has a number of rules to act on this year and next.

Gensler also extolled the contributions of Dunn, “who has served the federal government for more than 25 years, including six years as a CFTC commissioner and acting chairman. He has been confirmed by the Senate an astonishing six times.”

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