President Biden submits CFTC nomination to the Senate

The White House has formally submitted President Joe Biden’s nomination to fill two seats on the Commodity Futures Trading Commission, and another committee member is about to leave.

In Friday’s announcement, the White House Say It has sent the names of Citi’s managing directors Caroline Pham and Summer Mersinger to the Senate for confirmation. Mersinger previously served as Chief of Staff of Commissioner Dawn Stump (expected to leave the agency this year) and Director of the Office of Legislation and Intergovernmental Affairs. She and Pham will succeed the recently departed commissioners Dan Berkovitz and Stump, respectively. Their terms will expire in April 2023, and Stump’s terms will end in April 2027.

The CFTC nomination is the same week that the White House officially announced that it has been nominated Sent Jerome Powell’s nomination He and Lael Brainard went to the Senate to wait for confirmation, and then respectively served as the next chairman and vice chairman of the Federal Reserve. Confirmation by the Senate will allow Powell and Brainard to serve as the two top leaders of the Federal Reserve until 2026. President Biden also submitted the names of Christie Goldsmith Romero and Christine Johnson on Tuesday to fill the remaining CFTC seats.

With the nominations of four CFTC commissioners-yet to be confirmed by US legislators-after the leadership reorganization, the agency will no longer have any vacancies in 2022.Berkowitz announced in September that he was Planning to leave CFTC Joined the U.S. Securities and Exchange Commission as General Counsel on October 15th, Senate Confirm nomination Rostin Behnam Served as CFTC chairman in December.

Currently, the Democratic Party under the leadership of President Joe Biden controls 50 of the 100 seats in the Senate, and Vice President Kamala Harris can act as a tiebreaker if needed. A simple majority vote is required to confirm the president’s CFTC choice.

Although the White House has nominated four candidates for CFTC committee members, it has not formally nominated candidates to fill the upcoming vacancies of the Fed.Member of the board Randal Quarles resigns Effective from the end of December 2021, the current Vice Chairman Richard Clarida is expected to resign in February 2022.The Washington Post reported on Wednesday Advise the President of the United States In addition to economists Lisa Cooke and Philip Jefferson, Duke University law professor Sarah Bloom Ruskin is considering joining a group of seven governors serving at the Federal Reserve.

related: Now or never-the U.S. must prepare for digital currency

Biden may also have the opportunity to reorganize the leadership of the Securities and Exchange Commission, another US government agency responsible for digital asset supervision. SEC Commissioner Elad Roisman is expected to leave the agency at the end of January, and Commissioner Allison Lee’s term will expire in June. Some experts pointed out that arranging different financial experts in these three major US government agencies may have an impact on encryption-related policies.