The Republican-controlled Senate put President Trump’s stamp on the Commodity Futures Trading Commission, which oversees the futures markets, by approving his choice for CFTC chairman and two of his nominees for the five-member board. The nominations were approved by unanimous consent and give the CFTC board a majority for the first time in months.
In the vote, senators confirmed Christopher Giancarlo as chairman, and Rostin Behnam, a Democrat, and Brian Quintenz, a Republican, as commissioners. The Senate did not vote on Dawn Stump, a Republican, also nominated for commissioner by Trump. The three nominees for commissioner were approved by the Senate Agriculture Committee earlier this week.
A Republican staff worker said Democrats refused to include Stump in the slate being presented for Senate approval. “We are hoping to get her confirmed quickly in the next work period,” which would be after Labor Day, she said. A Democratic staffer said CFTC nominees normally are considered in pairs, one from each party. Party leaders reserve discretion to decide how to handle each nominee.
On the day he took office, Trump appointed Giancarlo, a Republican, as acting chairman of the CFTC and later asked the Senate to make the position permanent. Trump nominated three people for commissioner and must nominate one more, a Democrat, to fill out the board. Giancarlo is expected to rein in Dodd-Frank financial reforms.