Commodity Futures Trading Commissioner Jill Sommers
, one of two Republicans at the agency, said she will leave on Monday (July 8), one and a half years before her term is due to end in October 2014. Her resignation does not come as a surprise as she informed President Obama
in January that she planned to leave (see NGI, Jan. 28
). Asked where she intended to go after the CFTC, Sommers told NGI
, "I don't know. I have not started looking for my next opportunity yet." Before leaving the agency, she pledged to carry out the investigation into MF Global Holdings Ltd.
and former CEO Jon Corzine
, a former U.S. senator and New Jersey governor; and an assistant treasurer for illegal use of customer money. The CFTC recently filed a proposed order against MF Global and Corzine, which is the subject of review by the U.S. District Court for the Southern District of New York
. Because CFTC Chairman Gary Gensler
had ties to MF Global and Corzine, Sommers was picked to lead the investigation into the company's collapse, which took with it an estimated $1.2 billion in customer funds (see NGI
, Nov. 14, 2011
). Sommers has been on the Commission as it worked on Dodd-Frank Wall Street Reform Act. She was first sworn in as Commissioner in August 2007 for a term that expired in April 2009 then renominated by Obama to serve a second term. Some CFTC observers consider Christopher Giancarlo
, executive vice president of the brokerage firm GFI Group Inc.
, a likely candidate to replace Sommers. "It's not a fact, so we're not going to comment," said a GFI spokeswoman of the rumors, which she said had been circulating for a few weeks. Giancarlo is no stranger to Capitol Hill. He has testified several times about the challenges of implementing Dodd-Frank.