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Portfolio > ETFs > Broad Market

Senate Confirms Giancarlo as CFTC Chief

By Janet Levaux

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The U.S. Senate confirmed the nomination of J. Christopher Giancarlo as chairman of the Commodity Futures Trading Commission in a unanimous vote on Thursday. Giancarlo, a Republican, has served as acting chairman for the CFTC since January.

In addition, commissioners Brian D. Quintenz, a Republican, and Rostin Behnam, a Democrat, were unanimously confirmed.

“I am humbled by the bipartisan support in the Senate,” according to a statement from Giancarlo, who first joined the CFTC as a commissioner in 2014 during President Barack Obama’s second term.

“I stand ready to fulfill the CFTC’s mission to foster open, transparent, competitive and financially sound markets, in a way that best fosters broad-based economic growth and American prosperity,” he said.

CFTC Commissioner Sharon Y. Bowen expressed her support for Giancarolo in a statement, noting, “The agenda of the CFTC and its hardworking staff will be in good hands with Chris as its leader. I am confident he will lead the agency forward to tackle not only the challenges presented by the 2008 financial crisis but also the challenges of the 21st century marketplace.”

Quintenz has been with Saeculum Capital Management, where he was a founder, managing principal and chief investment officer. Behnam has served as senior counsel for the Senate Committee on Agriculture, Nutrition and Forestry.

“I am pleased that the nominations of Russ Benham and Brian Quintenz were also confirmed by the Senate, and I look forward to the swift confirmation of Dawn Stump and getting a full commission soon,” Giancarlo explained.

According to a Reuters report, the Senate did not vote on Stump this week, because Democrats preferred not to approve three Republican commissioners and one Democrat.

Bowen explained in her statement that the CFTC “has a tremendous challenge in fulfilling its mandate, because the markets we oversee today are vastly different than the agency’s traditional role. Today, the CFTC oversees markets valued in the hundreds of trillions of dollars and transactions that happen faster than the blink of an eye.”

— Check out Swaps Cop Massad Will Step Down, Letting Trump’s CFTC Take Shape on ThinkAdvisor.

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