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Senate Panel Sets Date for CFTC Nominee Hearing

Friday, February 28, 2014
Feb. 26 --The Senate Agriculture Committee announced Feb. 26 that on March 6, it will hold a hearing to consider three Commodity Futures Trading Commission nominees.

The three nominees are Timothy Massad for agency chairman, and Sharon Bowen and J. Christopher Giancarlo for commissioners. Massad and Bowen would fill Democratic slots at the agency, and Giancarlo a Republican seat.

The CFTC currently has three commissioners, but one of them--Bart Chilton--announced his intention in November to leave in the near future (216 SLD, 11/7/13). The agency is operating under the acting chairmanship of Mark Wetjen.

Giancarlo was nominated by the White House in August, Massad in November, and Bowen in December (150 SLD, 8/5/13).

Massad is a senior Treasury Department official. Giancarlo is an executive vice president at GFI Group Inc., (GFIG) a wholesale market brokerage services firm specializing in listed and over-the-counter derivatives, and Bowen is a partner at Latham & Watkins, New York.

Observers have predicted that the CFTC would be in somewhat of a holding pattern until a full complement of commissioners--or at least a permanent chairman--is on board.

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