The U.S. Senate has confirmed Gary Gensler as Chairman of the Commodity Futures Trading Commission (CFTC).
Gensler’s appointment was being held up by two senators who objected to Gensler’s role in helping to keep credit default swaps exempt from regulation while he was undersecretary to the Treasury during the Clinton Administration.
Bernie Sanders (I-VT) and Maria Cantwell (D-Wash) dropped the “hold” they had placed on the nomination last week allowing today’s vote.
“This is welcome news indeed,” said John Damgard, president of the Futures Industry Association in a statement. “Gary Gensler is extraordinarily well qualified to serve as the next chairman of the CFTC, and we look forward to working with him as the CFTC participates in the efforts by the Administration and the Congress to develop a comprehensive regulatory framework for derivatives.”
