The US Commodity Futures Trading Commission (CFTC ) has voted on series of new appointments, culminating in the confirmation of its chairman and two commissioners. J. Christopher Giancarlo was nominated as the former, with Brian D. Quintenz and Rostin Behnam both confirmed as commissioners in the latest round of voting from the US Senate.
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The unanimous vote from the US Senate represents a departure from the recent action in the chamber, where multiple votes along partisan lines have gripped the nation. Its track record with CFTC appointments however has been much more unified, as indicated by the smooth passage of the confirmations.
Mr. Giancarlo’s confirmation follows him serving in a similar capacity since January 2017. Commenting on the opportunity and endorsement from the US Senate, he noted: “I am humbled by the bipartisan support in the Senate. As I have stated before, during my time as a Commissioner, I have witnessed firsthand the enduring commitment of members of the US Senate to our common purpose of serving the American people and the agricultural producers upon which we all rely.”
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The other appointments are for the roles of CFTC commissioners. Mr. Quintenz comes over from Saeculum Capital Management. His previous work saw him serve as the financial planner’s Managing Principal and Chief Investment Officer.
Rostin Behnam joins the CFTC having worked as the Senior Counsel for the Senate Committee on Agricultural, Nutrition and Forestry.
“I am pleased that the nominations of Russ Benham and Brian Quintenz were also confirmed by the Senate, and I look forward to the swift confirmation of Dawn Stump and getting a full Commission soon. I am also grateful to Commissioner Bowen for her partnership during my tenure as Acting Chairman, and I am proud of the excellent work we’ve accomplished together," Mr. Giancarlo added.
The CFTC is strengthening its staff at a time when it has been quite busy. In the US, it has succeeded in cracking down on numerous scandals and fraudulent rackets, including most recently a Spoofing operation reflecting commodity futures contracts late last month.
