The U.S. Senate confirmed three presidential nominees for financial regulator posts last night in a voice vote. Lawmakers approved Daniel M. Gallagher and Luis A. Aguilar as SEC commissioners, and Mark P. Wetjen was approved to serve as a CFTC commissioner.
Wetjen, a former policy advisor to Sen. Harry Reid (D-Nev.), will replace Michael Dunn on the five-member CFTC commissioner board at a time when the CFTC is writing rules for the $601 trillion global swaps market. Dunn has served as a CFTC commissioner since December 2004. Wetjen was approved for a term that will expire on June 19, 2016.
Following the Senate confirmation, the Futures Industry Association (FIA) released the following statement:
“The FIA congratulates Mark Wetjen on the Senate’s decision to confirm his nomination to serve as a CFTC Commissioner. Mr. Wetjen has assured Congress that he will listen to all viewpoints and gather the requisite information before reaching a decision on the many complex regulatory issues facing the agency. His commitment to a careful, measured and thoughtful process for consideration of regulatory matters is one that we can all endorse. We look forward to working with Mr. Wetjen and the other CFTC commissioners as they continue to build the new regulatory architecture for derivatives markets.”
The FIA also took the opportunity to thank Commissioner Dunn for his contributions to the CFTC.
“The FIA also wants to commend Commissioner Michael Dunn for his tireless work at the CFTC and his many years of government service. Commissioner Dunn joined the CFTC in 2004 and served as acting chairman in the wake of the 2008 financial crisis. As chairman of the CFTC’s Agricultural Advisory Committee, he provided a seasoned voice and sound leadership on policy issues related to agricultural futures markets. The industry has lost a valued colleague and a dedicated public servant. We wish him well in the next phase of his career.”
Wetjen will replace Dunn as soon as he is sworn into office.