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Swap Regulator Wetjen Resigning From CFTC

The U.S. Commodity Futures Trading Commission (CFTC) announced Friday that Mark Wetjen, a former acting chairman of the Commission and a member since 2011, will be resigning later this month.

During his tenure at the CFTC, Wetjen, a Democrat, helped implement the Dodd-Frank Wall Street Reform and Consumer Protection Act by supporting and helping to craft more than 90 actions by the Commission. He also oversaw the implementation of the first trading mandate for certain interest rate and credit default swaps.

"It has been an honor to serve as both commissioner and acting chairman of the CFTC," Wetjen said. "I am grateful for the opportunity to have served alongside my fellow commissioners and chairmen [Gary] Gensler and [Timothy] Massad, and I thank them for their dedication, professionalism, and collegiality.

"I also commend the talented and hardworking commission staff and am confident the commission will continue to ensure the derivatives markets remain open, transparent, competitive and financially sound."

Wetjen served as interim CFTC chairman at the beginning of 2014, after Gensler's departure. Massad was installed in mid-2014 (see Daily GPIJune 4, 2014Dec. 16, 2013). Wetjen was sworn in as a commissioner on Oct. 25, 2011. Prior to his CFTC service, he worked in the U.S. Senate as a senior leadership staffer advising on all financial services-related matters. Before that, he was a lawyer in private practice.

Last year, Scott D. O'Malia, a Republican and one of the reformers to help steer the CFTC through the market reforms mandated by the Dodd-Frank Act, also stepped down (see Daily GPIJuly 22, 2014).

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