Her resignation from the Commission does not come as a surprise as she informed President Obama in January that she planned to leave the CFTC before her term ended (see Daily GPI, 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.”
Articles from Informed
A federal investigation into Chesapeake Energy Corp. and outgoing CEO Aubrey McClendon is continuing, according to the Securities and Exchange Commission (SEC), which informed the company on Dec. 21 that its Fort Worth, TX regional office “has issued subpoenas for information and testimony.” In the SEC 10-K filing, Chesapeake said it is “also responding to related inquiries from other governmental and regulatory agencies and self-regulatory agencies.” Chesapeake in May received notice from the SEC of an informal inquiry “into, among other things, certain of the matters alleged” in some lawsuits regarding McClendon’s financial transactions (see NGI, May 7, 2012).
Commodity Futures Trading Commissioner (CFTC) Jill Sommers, one of two Republicans at the agency, informed President Obama that she plans to resign at the end of March, more than a year before her current term ends. Sommers, who has not indicated what she may do once she leaves the CFTC, said she wants to remain at the Commission until it approves the last group of Dodd-Frank rules to reform the derivatives market. She and Commissioner Scott O’Malia, the only other Republican, often joined forces to oppose proposals supported by the majority. Sommers joined the CFTC in August 2007 for a term that expired in April 2009. She was renominated by Obama to serve a second term, which is scheduled to end in 2014. “Jill has worked to bring common-sense swaps market reforms to life and to safeguard the integrity of the futures market. [She] has been essential to these…efforts. I wish [her] well in all of her future pursuits,” said CFTC Chairman Gary Gensler. Sommers has worked in the commodity futures and options industry throughout her career. In 2005, she was the policy director and head of government affairs for the International Swaps and Derivatives Association and prior to that she worked in the government affairs office of the Chicago Mercantile Exchange (CME), helping to draft the Commodity Futures Modernization Act of 2000. Since the five-member Commission is limited to three members from a single party and the it currently has three Democrats, Sommers’ successor would have to be a Republican or from another party.
Rockies Express (REX) said it has been informed of potential operating restrictions on Tennessee, which could impact nominated quantities at their TENN/REX GUERNSEY interconnect. However, there is “no impact at this time due to the current level of nominations on Tennessee’s system,” REX said.
Using a citizen lawsuit provision in the Pipeline Safety Act, San Francisco’s city attorney has informed the California Public Utilities Commission (CPUC) and the federal Pipeline and Hazardous Materials Safety Administration (PHMSA) that it plans to sue both of them for alleged failure to “reasonably enforce” the federal pipe law regarding last year’s fatal natural gas transmission pipeline rupture and explosion in nearby San Bruno, CA.
Marcellus Shale operators — and drilling opponents — waiting for the Delaware River Basin Commission (DRBC) to issue proposed natural gas development rules should get their wish Thursday morning, officials said.
ANR said Friday that the owners and/or operators of the processing plants that service ANR’s Southeast Area have informed the pipeline that based on their current analysis of processing economics for June; all will process gas absent the issuance of a gas quality requirement by ANR. The pipeline said it has determined that it will not be necessary to issue a hydrocarbon dew point limitation in the Southeast or Southwest areas in order to provide safe and reliable service.
The proposed Denali Alaska North Slope natural gas pipeline took a small step backwards this month after it informed FERC that it is delaying its application for a certificate of public convenience and necessity (CPCN) with the regulatory body for more than a year.