The Senate Agriculture Committee voted, 16-5, to clear for a floor vote the nomination of CFTC commissioner Christopher Giancarlo to become chairman of the agency that oversees the derivatives markets. President Trump, who named Giancarlo as acting chairman on the day he took office, is halfway through submitting nominations for the four other commissioners.
Commissioner Sharon Bowen, a Democrat and the only other CFTC commissioner at present, says she will resign “within the next few months, or perhaps sooner if another nominee is confirmed.” Bowen described her decision as a protest of neglect of the agency, which last had five commissioners in August 2014. Without a quorum, said Bowen, it is difficult for CFTC to resolve major policy questions.
The White House has tabbed Republicans Brian Quintenz and Dawn Stump for two of the CFTC seats. The agency is required to have two commissioners from the minority political party, while the majority gets three.