The full slate of commissioners is finally set at the Commodities Futures Trading Commission (CFTC).
The US Senate approved Dawn Stump and Dan Berkovitz as the fourth and fifth Commissioners on the CFTC.
The CFTC has five commissioners, including Chairman Christopher Giancarlo, but with resignations and a protracted nomination process the CFTC only had three commissioners since Sharon Boven stepped down in the summer 2017.
Rules also require that of the five commissioners, not more than three are from the president’s party.
Boven had been the only Democrat on the CFTC.
Stump is currently head of Stump Strategies previously executive director of the Americas Advisory Board for the Futures Industry Association and as a vice president at NYSE Euronet, before that she worked on Capitol Hill, as a staffer in both the Senate https://www.cftc.gov/PressRoom/PressReleases/7777-18 and House.
Berkovitz is a partner in the law firm WilmerHale, previously he was the CFTC General Counsel in the Obama administration.
The confirmations were treated by fellow Commissioners and industry groups alike.
“On behalf of the entire agency, I am delighted to welcome Dawn Stump and Dan Berkovitz as Commissioners to the Commodity Futures Trading Commission. The agency’s work to carry out its mission to foster open, transparent, competitive and financially sound markets free from fraud and manipulation has never been more important.” Said Chair Giancarlo. “I strongly believe that a five member commission will inform the best and most lasting work possible. Dan and Dawn bring knowledge and experience to the Commission that will be respected and appreciated by all. I look forward to working with them to keep America’s derivatives markets strong and the envy of the world.”
“I am so pleased to have Dawn and Dan coming on board. Both commissioners bring with them a wealth of knowledge that will be invaluable to our oversight of the American derivatives markets.” Said Commissioner Brian Quintenz. “I look forward to collaborating with all of my fellow commissioners as we work to advance the Commission’s mission.”
The Futures Industry Association also sent congratulations, with its Chief Executive Officer Walt Lukken stating: “On behalf of the FIA Board of Directors, members and staff, I congratulate Dawn Stump and Dan Berkovitz on their U.S. Senate confirmation. Both bring years of experience and expertise to the agency at a critical time and will approach the issues facing this industry with fairness, balance and a willingness to listen. It has been a pleasure to work closely with both of these thoughtful individuals over the years and we look forward to the benefits of having a full complement of commissioners under the leadership of Chairman Giancarlo.”