Commodity Futures Trading Commission (CFTC) Commissioner Scott D. O’Malia announced his retirement from the agency effective Aug. 8, 2014 in a letter to President Obama today.
O'Malia often was at odds with the recent Gary Gensler led commission, fighting for a stronger adherence to cost-benefit analysis rules. Earlier this year at the Commodity Markets Council’s State of the Industry 2014 Conference in Miami, O'malia said, “There are a handful of rules where the Commission has failed to carefully consider the impact to end-users due to the lack of appropriate cost-benefit analysis.”
Futures Industry Association President and CEO Walt Lukken thanked O’Malia in a statement released shortly after the announcement. "On behalf of FIA, I want to thank Commissioner O’Malia for his energy, enthusiasm and commitment to public service," said Lukken. "Scott was always willing to roll up his sleeves and dive into complex regulatory issues, and under his leadership the CFTC’s Technology Advisory Committee has developed into a remarkably effective forum for thoughtful discussion on the technological innovations that are transforming our industry. I also want to thank him for his efforts to bring the end-user perspective into the regulatory dialogue, particular with respect to Dodd-Frank, and for his emphasis on the value of empirical data in the rule-making process. I wish him all the best in the next phase of his career.”