The Commodity Futures Trading Commission (CFTC) announced Wednesday the resignation of Chairman Reuben Jeffery III, effective immediately. Jeffery served as chairman of the CFTC since July 2005. Prior to his appointment by President George W. Bush, he served as special assistant to the president and senior director for international economic affairs at the National Security Council. Jeffery is departing the CFTC for the U.S. Department of State, where he has been nominated and confirmed as under secretary of state for economic, energy and agricultural affairs by Bush and will begin serving in that capacity as of Thursday. To replace Jeffery, the CFTC said it has elected Walter Lukken to serve as acting chairman. Lukken will exercise the executive and administrative functions of the commission until a new chairman has been appointed by Bush and confirmed by the Senate.

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