President Biden sends CFTC nominations to the Senate

With the upcoming resignation of another commissioner, the White House has officially submitted nominations for President Joe Biden for two positions on the Commodity Futures Trading Commission.

In an announcement released on Friday, the White House mentioned Which you enter the names Caroline Fame e Summer MeringerCiti CEO, to the Senate for confirmation. Mersinger previously served as chief of staff for Commissioner Don Stump – who is expected to leave the agency this year – and director of the Office of Legislative and Intergovernmental Affairs. She and Pham will respectively serve as Commissioner Dan Berkowitz, whose term ends in April 2023, and Stump, whose term ends in April 2027.

The CFTC nominations come the same week the White House officially announced that it had sent the nominations to him Jerome Powell and Lyle Brainard In the Senate, pending confirmation before serving as chair and vice chair of the Federal Reserve, respectively. Senate confirmation will allow Powell and Brainard to serve as two of the Fed’s CEOs through 2026. On Tuesday, President Biden also revealed the names of Kristi Goldsmith Romero and Kristen Johnson for the remaining seats on the CFTC.

With the four CFTC commissioner appointments – subject to confirmation by US lawmakers – there will be no more job vacancies. On October 15, Berkowitz announced in September Intention to leave the CFTC To join the Securities and Exchange Commission as general counsel, while the Senate confirmed in December Rustin Behnam set To chair the Commodity Futures Trading Commission.

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Currently, President Joe Biden’s Democratic Party controls 50 of the Senate’s 100 seats, with Vice President Kamala Harris able to serve as a playoff if necessary. So a simple majority vote is needed to confirm the chair’s options for the Commodity Futures Trading Commission.

While the White House has proposed four names for CFTC commissioners, it has not formally nominated candidates to fill the Federal Reserve positions. Member of the Board of Directors Randall Quarles resigned at the end of December 2021, while the current Vice President Richard Clarida is expected to leave by February 2022. A Wednesday report published by the Washington Post indicates that the President of the United States considering Sarah Bloom Raskin, professor of law at Duke University, reports on the group of seven governors who serve on the Federal Reserve, as well as economists Lisa Cook and Philip Jefferson.

Related: Now or never: the US should prepare for digital currency

Biden could renew the leadership of another government agency responsible for regulating digital assets in the United States: the Securities and Exchange Commission. SEC Commissioner Elad Roesman is expected to leave the agency by the end of January, while Commissioner Alison Lee’s term expires in June. Some experts pointed out that the status of many financial experts in these three major US government agencies It can affect cryptocurrency policy.

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