On Monday, the U.S.?Commodity Futures Trading Commission?(CFTC) announced that its members unanimously elected Commissioner Mark P. Wetjen to serve as Acting Chairman upon the end of Chairman Gary Gensler?s service. This is expected to take place in the new few weeks.?
Wetjen said in a press release, ?I am honored to have been chosen to serve as Acting Chairman. I thank my colleagues, Commissioners Chilton and O?Malia, for their support and look forward to working collaboratively to oversee the ongoing implementation of the Dodd-Frank Act and the continuation of the CFTC?s critical mission. I also would like to thank Chairman Gensler for his leadership of this agency and of the financial reform effort in the aftermath of the financial crisis. I am eager to continue that effort in consultation with my fellow commissioners.?
Gensler added, ?I am so pleased that my friend and partner Mark Wetjen will be Acting Chairman at such an exciting time for the agency. Mark has worked tirelessly to bring?swaps market reform?to life. The Commission has greatly benefitted from his thoughtful insight. The CFTC will be well served with Mark at the helm as it continues the important work of implementing financial reforms for the benefit of the public.?
In October 2011, Wetjen was sworn in as a CFTC Commissioner. Prior to joining the agency, he worked in the U.S. Senate as a senior leadership staffer advising on all financial-services-related matters. He also has worked as a lawyer in private practice.
How long Wetjen oversees the agency remains to be seen. Timothy Massad from the Treasury Department has been nominated to oversee the CFTC, but this has not been confirmed by the Senate yet.?