President Obama Tuesday announced his intent to nominate Commissioner Bart Chilton for a second term on the Commodity Futures Trading Commission (CFTC).
Chilton, the most vocal member of the CFTC, was sworn in as a commissioner in August 2007; his first term has already expired. His nomination will be forwarded to the Senate Agriculture Committee, which has jurisdiction over the CFTC, and then sent to the Senate for a vote on confirmation. Chilton's nomination could run into some resistance from senators who are openly critical of the CFTC.
Chilton's nomination was reported as the Senate Tuesday confirmed former Treasury official and Goldman Sachs executive Gary Gensler to be chairman of the CFTC. Gensler's nomination cleared the Senate by 88-6 (see Daily GPI, May 20). The field had been cleared for an up-or-down vote after Sens. Maria Cantwell (D-WA) and Bernie Sanders (I-VT) released holds on his nomination that were placed more than a month ago (see Daily GPI, May 18).
If confirmed by the Senate, "I look forward to continuing to work to ensure that regulatory reforms to the financial sector are enacted and rules are promulgated that will protect consumers, while at the same time being good for markets and our economy," Chilton said. "Regulatory reforms are too important to get lost in the shuffle of the myriad policy proposals being considered."
Chilton currently serves as the chairman of the CFTC's Energy and Environmental Advisory Committee. He has worked on Capitol Hill in both the Senate and House, and served the executive branch during the Clinton, Bush and Obama administrations. Prior to joining the CFTC, Chilton was chief of staff at the National Farmers Union.
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