On Tuesday, the leaders of the Senate Agriculture Committee announced that three of President Trump’s nominees have received Senate approval to begin work at the USDA and the CFTC.
Members of the Senate Agriculture Committee are scheduled to vote Tuesday on two Trump administration nominees, Dan Berkovitz to be a CFTC commissioner and James Hubbard to be agriculture undersecretary for natural resources.
President Trump selected Dan Berkovitz, who was general counsel at the Commodity Futures Trading Commission during the Obama era, as his nominee for commissioner of the agency, said the White House.
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.
Billionaire Carl Icahn has been an informal White House adviser on regulatory issues since the early days of the Trump administration. Five Democratic senators asked EPA chief Scott Pruitt for all documents involving any communications involving Icahn and his businesses and the EPA, which regulates air pollution laws and biofuel usage.
President Trump has nominated Brian D. Quintenz of Ohio to be a commissioner of the U.S. Commodity Futures Trading Commission, according to the White House website
President Trump will ask the Senate to confirm J. Christopher Giancarlo as chairman of the Commodity Futures Trading Commission, the White House announced. Giancarlo was named acting chairman on the day Trump took office and is expected to rein in Dodd-Frank financial reforms. Giancarlo, a commissioner since June 2014, would succeed Timothy Massad, a Democrat, who resigned with the change in administration. Sharon Brown is the only other commissioner at present.
The Republican-controlled House passed a bill that would freeze the budget of the Commodity Futures Trading Commission for the next five years and require more analysis before it adopts new regulations. The bill, sponsored by House Agriculture chairman Michael Conaway but not considered by his committee, was sent to the Senate on a party line vote, 239-182.
Former New Jersey Gov. Jon Corzine will pay a $5 million civil penalty for misuse of $1 billion in customers' funds during the 2011 collapse of MF Global, which shook the futures market. Corzine, who was chief executive of the trading house, also agreed in a consent order in federal court to never again work for a futures brokerage or to register with the CFTC.
The federal overseer of the futures markets, the Commodity Futures Trading Commission, re-proposed limits on speculative futures and swaps by investors in 25 physical commodities ranging from corn and soybeans to natural gas, crude oil and precious metals. The CFTC also re-proposed a definition of bonafide hedging — important to food processors, utilities and airlines, who use futures to assure the price and supply of materials.