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.
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Sommers to Resign from CFTC
Commodity Futures Trading Commissioner (CFTC) Jill Sommers, one of two Republicans at the agency, Thursday told President Obama that she plans to resign at the end of the first quarter, more than a year before her current term ends.
Energy Debate Still in Hands of Obama, Divided Congress
By a narrow margin, voters last Tuesday elected President Obama to a second term in office, and kept Republicans in control of the House of Representatives and Democrats in the majority in the Senate. By maintaining the status quo in Washington, DC, this may ensure that the stalemate over energy policy will continue for another four years.
New York Landowners Favor Local Republican Candidates
A coalition of New York landowners that supports natural gas development has endorsed a slate of candidates — all of them Republicans — for election to state office.
Salazar Accuses GOP of Engaging in ‘Fairy Tale’ Energy Policies
Interior Secretary Ken Salazar Tuesday attacked Republicans for moving forward with “fairy tale” energy policies that are based primarily on campaign and political rhetoric.
Ohio House Puts Brakes on Governor’s Tax Plans
Ohio Gov. John Kasich said he is prepared to fight his fellow Republicans in the General Assembly who are unenthusiastic about his plans to restructure taxes and regulations on the oil and natural gas industry.
House GOP Slams Rule Restricting Bank Trading
House Republicans last Wednesday called for a delay in the implementation or total repeal of a proposed regulation that restricts trading by banks, known as the “Volcker Rule.”
House Republicans Slam Rule Restricting Trading by Banks
In one of the first hearings of the 2012 session, House Republicans Wednesday called for a delay in the implementation or total repeal of a proposed regulation restricting trading by banks, known as the “Volcker Rule.”
President Signs Pipeline Safety Bill into Law
President Obama has signed into law pipeline safety legislation (HR 2845), which was one of the few energy issues that congressional Democrats and Republicans were able to agree on in 2011 (see NGI, Dec. 19, 2011).
President Signs Pipeline Safety Bill into Law
President Obama Monday signed into law pipeline safety legislation (HR 2845), which was one of the few energy issues that congressional Democrats and Republicans were able to agree on in 2011 (see Daily GPI, Dec. 15, 2011).
