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Commodity Futures Trading Commission
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“Mission and Responsibilties”
Congress created the Commodity Futures Trading Commission (CFTC) in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the United States. The agency’s mandate has been renewed and expanded several times since then, most recently by the Commodity Futures Modernization Act of 2000. More >>>
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“History”
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Commissioners
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Chairman Gary Gensler (Sworn in May 26, 2009)
Gary Gensler was sworn in as the Chairman of the Commodity Futures Trading Commission on May 26, 2009. Chairman Gensler previously served at the U.S. Department of the Treasury as Under Secretary of Domestic Finance (1999-2001) and as Assistant Secretary of Financial Markets (1997-1999). He subsequently served as a Senior Advisor to the Chairman of the U.S. Senate Banking Committee, Senator Paul Sarbanes, on the Sarbanes-Oxley Act, reforming corporate responsibility, accounting and securities laws.
As Under Secretary of the Treasury, Chairman Gensler was the principal advisor to Treasury Secretary Robert Rubin and later to Secretary Lawrence Summers on all aspects of domestic finance. The office was responsible for formulating policy and legislation in the areas of U.S. financial markets, public debt management, the banking system, financial services, fiscal affairs, federal lending, Government Sponsored Enterprises, and community development. In recognition of this service, he was awarded Treasury’s highest honor, the Alexander Hamilton Award.
Prior to joining Treasury, Chairman Gensler worked for 18 years at Goldman Sachs, where he was selected as a partner; in his last role he was Co-head of Finance.
Chairman Gensler is the co-author of a book, The Great Mutual Fund Trap, which presents common sense investment advice for middle income Americans.
He is a summa cum laude graduate from the University of Pennsylvania’s Wharton School in 1978, with a Bachelor of Science in Economics and received a Master of Business Administration from the Wharton School’s graduate division in 1979. He lives with his three daughters outside of Baltimore, Maryland.
* http://www.muckety.com/Gary-G-Gensler/95528.muckety (Gary S. is the name under which his book appears – Gary G. at muckety…)
-Gary S Gensler 105 E Melrose St; Chevy Chase, MD 20815-3303 (301) 657-1398 [F Gensler]
-Gary Gensler Greenspring Valley Rd; Baltimore, MD (410) 321-9725
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Michael Dunn (Sworn in December 6, 2004)
Michael V. Dunn was confirmed by the U.S. Senate on November 21, 2004, as a Commissioner of the Commodity Futures Trading Commission. He was sworn in on December 6, 2004, to a term expiring June 19, 2006. On June 16, 2006 Commissioner Dunn was nominated by President Bush to a second term as Commissioner of the CFTC and confirmed by the Senate on August 3, 2006. In a ceremony on August 23, 2006 at the Federal Court House in Des Moines, Iowa, attended by U.S. Senator Tom Harkin (D-IA), Commissioner Dunn was sworn in. U.S. District Judge Robert Pratt administered the oath of office.
From January 20, 2009 – May 25, 2009, Commissioner Dunn served as Acting Chairman for the Agency.
Commissioner Dunn additionally serves as Chairman and Designated Federal Official of the Commission’s Agricultural Advisory Committee (AAC). The AAC was created to advise the Commission on agricultural issues surrounding the trading of commodity futures and options and to serve as a liaison to the agricultural community. Commissioner Dunn is also the Chairman of the Commission’s Forex Task Force. The task force objective is to raise the public’s awareness of fraudulent activity in the retail foreign currency (forex) futures and option markets and to highlight the Commission’s enforcement activities in this area.
Prior to joining the CFTC, Mr. Dunn served as Director of the Office of Policy and Analysis at the Farm Credit Administration (FCA) where he managed the two FCA divisions responsible for developing regulations and public policy positions for applicable statutes as well as promoted the safety and soundness of the Farm Credit System (FCS). Prior to this position, Mr. Dunn served briefly as a member of the FCA Board.
Mr. Dunn has also served as Under Secretary of Agriculture for Marketing and Regulatory Programs, Acting Under Secretary for Rural Economic and Community Development, and as Administrator of the Farmers Home Administration (FmHA) at the U.S. Department of Agriculture (USDA).
Mr. Dunn has had a long involvement in agricultural credit dating back to the late 1970s, when he was the Midwest Area Director for the FmHA. He has been a loan officer and vice president of the Farm Credit Banks of Omaha and has served as a member of the Professional Staff of the Senate Agriculture Committee, specializing in agricultural credit. At the USDA, Mr. Dunn also served as a member of the Commodity Credit Corporation and Rural Telephone Bank Board. He is a past member of the Iowa Development Commission and has served as the Chairman of the State of Iowa’s City Development Board.
A native of Keokuk, Iowa and a current resident of Harpers Ferry, West Virginia, Mr. Dunn received his B.A. and M.A. degrees from the University of New Mexico.
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Jill E. Sommers (Sworn in August 8, 2007)
Jill E. Sommers was sworn in as a Commissioner of the Commodity Futures Trading Commission on August 8, 2007 to a term that expired April 13, 2009. On July 20, 2009 she was nominated by President Barack Obama to serve a five-year second term, and was confirmed by the United States Senate on October 8, 2009.
Commissioner Sommers serves as Chairman and Designated Federal Official of the Commission’s Global Markets Advisory Committee, which meets periodically to discuss issues of concern to exchanges, firms, market users and the Commission regarding the regulatory challenges of a global marketplace. She also has the opportunity to frequently attend the Technical Committee meetings of the International Organization of Securities Commissions, the global cooperative body which is recognized as the international standard setter for securities and derivatives markets.
Commissioner Sommers has worked in the commodity futures and options industry in a variety of capacities throughout her career. In 2005 she was the Policy Director and Head of Government Affairs for the International Swaps and Derivatives Association, where she worked on a number of over-the-counter derivatives issues. Prior to that, Ms. Sommers worked in the Government Affairs Office of the Chicago Mercantile Exchange (CME), where she was instrumental in overseeing regulatory and legislative affairs for the exchange. During her tenure with the CME, she had the opportunity to work closely with congressional staff drafting the Commodity Futures Modernization Act of 2000.
Commissioner Sommers started her career in Washington in 1991 as an intern for Senator Robert J. Dole (R-KS), working in various capacities until 1995. She later worked as a legislative aide for two consulting firms specializing in agricultural issues, Clark & Muldoon, P.C. and Taggart and Associates.
A native of Fort Scott, Kansas, Ms. Sommers holds a Bachelor of Arts degree from the University of Kansas. She and her husband, Mike, currently reside in the Washington, DC area and have three children ages 8, 7, and 6.
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Bart Chilton (Sworn in August 8, 2007)
Bart Chilton was nominated by President Bush and confirmed by the US Senate in 2007. In 2009, he was renominated by President Obama and reconfirmed by the Senate. He currently serves as the Chairman of the CFTC’s Energy and Environmental Markets Advisory Committee (EEMAC). His career spans 25 years in government service—working on Capitol Hill in the House of Representatives and in the Senate, and serving the Executive Branch during the Clinton, Bush and Obama Administrations.
Prior to joining the CFTC, Mr. Chilton was the Chief of Staff and Vice President for Government Relations at the National Farmers Union where he represented average family farmers. In 2005, Mr. Chilton was a Schedule C political appointee of President Bush at the U.S. Farm Credit Administration where he served as an Executive Assistant to the Board. From 2001 to 2005, Mr. Chilton was a Senior Advisor to Senator Tom Daschle, the Democrat Leader of the United States Senate, where he worked on myriad issues including, but not limited to, agriculture and transportation policy.
From 1995 to 2001, Mr. Chilton was a Schedule C political appointee of President Clinton where he rose to Deputy Chief of Staff to the U.S. Secretary of Agriculture Dan Glickman. In this role, Mr. Chilton became a member of the Senior Executive Service (SES)—government executives selected for their leadership qualifications to serve in the key positions just below the most senior Presidential appointees. As an SES member, Mr. Chilton served as a liaison between Secretary Glickman and the Federal work force at USDA.
From 1985 to 1995, Mr. Chilton worked in the U.S. House of Representatives where he served as Legislative Director for three different Members of Congress on Capitol Hill and as the Executive Director of the bipartisan Congressional Rural Caucus.
Mr. Chilton previously served on the Boards of Directors of Bion Environmental Technologies and the Association of Family Farms.
Mr. Chilton was born in Delaware and spent his youth in Indiana, where he attended Purdue University (1979—1982). He studied political science and communications and was a collegiate leader of several organizations. Mr. Chilton and his wife, Sherry Daggett Chilton, reside on the Western Shore of the Chesapeake Bay.
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Scott D O’Malia (Sworn in October 16, 2009)
Scott O’Malia was confirmed by the U.S. Senate on October 8, 2009, as Commissioner of the Commodity Futures Trading Commission, and was sworn in on October 16, 2009. He is currently serving a five-year term that expires in April 2015.
Born in South Bend Indiana and raised in Williamston, Michigan, Commissioner O’Malia learned about commodity prices firsthand growing up on a small family farm. As a Commissioner of the Commodity Futures Trading Commission (CFTC), he brings both his agricultural background and experience in energy markets, where he has focused his professional career.
Before starting his term at the CFTC, Commissioner O’Malia served as the Staff Director to the U.S. Senate Appropriations Subcommittee on Energy and Water Development, where he focused on expanding U.S. investment in clean-energy technologies, specifically promoting low-cost financing and technical innovation in the domestic energy sector.
From 2003 to 2004, Commissioner O’Malia served on the U.S. Senate Energy and National Resources Committee under Chairman Pete Domenici (R-N.M.), as Senior Policy Advisor on oil, coal and gas issues. From 1992 to 2001, he served as Senior Legislative Assistant to U.S. Sen. Mitch McConnell (R.-Ky.), now the Senate Minority Leader. During his career, O’Malia also founded the Washington office of Mirant Corp., where he worked on rules and standards for corporate risk management and energy trading among wholesale power producers.
In his time at the CFTC Commissioner O’Malia has advanced the use of technology to more effectively meet the agency’s oversight responsibilities and is seeking the reestablishment of the long dormant CFTC Technology Advisory Committee (C-TAC). As Chairman of the newly reinstated Committee, Commissioner O’Malia intends to harness the expertise of the C-TAC membership to establish technological ‘best practices’ for oversight and surveillance considering such issues as algorithmic and high frequency trading, data collection standards, and technological surveillance and compliance.
Commissioner O’Malia earned his Bachelor’s Degree from the University of Michigan. He and his wife, Marissa, currently live in Northern Virginia with their three daughters.
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CFTC Committees
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Agricultural Advisory Committee
The following are representatives of the Agricultural Advisory Committee members:
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| Mr. Larry Matlack President American Agricultural Movement, Inc. |
Mr. Gregg Doud Chief Economist National Cattlemen’s Beef Association |
| Ms. Marcie Williams President American Agri-Women |
Ms. Mary Colville Director of Government Relations National Chicken Council |
| Mr. Mark Worthey Vice President of Procurement American Bakers Association |
Mr. Sam Willett Senior Director, Public Policy National Corn Growers Association |
| Mr. John Blanchfield Director, Center for Agricultural & Rural Banking American Bankers Association |
Mr. John Maguire Senior Vice President, Washington Operations National Cotton Council of America |
| Mr. Larry Mitchell Chief Executive Officer American Corn Growers Association |
Mr. Kevin Natz Vice President National Council of Farmer Cooperatives |
| Mr. Neal Gillen Executive Vice President and General Counsel American Cotton Shippers Association |
Mr. Mike Miller Chief Executive Officer National Farmers Organization |
| Ms. Mary Kay Thatcher Director, Public Policy American Farm Bureau Federation |
Mr. Doug Sombke Representative National Farmers Union |
| Ms. Bev Paul Washington Representative American Soybean Association |
Mr. Matthews Bruns Vice Chairman National Grain and Feed Association |
| Mr. Ryan Weston Vice President and General Manager American Sugar Alliance |
Mr. Edgar Hicks Representative National Grange |
| Ms. Christine Cochran President Commodity Markets Council |
Mr. Leroy Watson Legislative Director National Grange |
| Mr. Robbie Boone Vice President, Government Affairs Farm Credit Council |
Mr. Roger Cryan Vice President, Milk Marketing & Economics National Milk Producers Federation |
| Mr. Mark Scanlan Director, Office of Agriculture & Rural Policy Independent Community Bankers of America |
Mr. Neil Dierks Chief Executive Officer National Pork Producers Council |
| Mr. Robert Yonkers Chief Economist International Dairy Foods Association |
Mr. Mark Rokala Representative National Sorghum Growers Association |
| Ms. Mary P. Johannes Director, US Regulatory Policy International Swaps and Derivatives Association |
Mr. Gary Martin President and Chief Executive Officer North American Grain Export Association |
| Mr. John G. Gaine President Managed Funds Association |
Mr. Jim Bair Representative North American Miller’s Association |
| Mr. Richard W. Kirchhoff Executive Vice President and Chief Executive Officer National Association of State Departments of Agriculture |
Mr. Randy Stevenson Representative Rancher-Cattlemen Action Legal Fund, United Stockgrowers of America (R-CALF) |
| Mr. Daren Coppock Chief Executive Officer National Association of Wheat Growers |
Mr. Bob Dineen President and Chief Executive Officer Renewable Fuels Association |
| Mr. Fred Clark Representative U.S. Rice Producers Federation |
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| Mr. William Murphy Administrator USDA – Risk Management Agency |
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Global Markets Advisory Committee
The following are representatives of the Global Markets Advisory Committee members:
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| Mr. Richard Berliand Global Head of Futures and Options J.P. Morgan Securities Ltd. |
Ms. Bonnie Litt Managing Director and Associate General Counsel Goldman, Sachs & Co. |
| Mr. William Brodsky Chairman and Chief Executive Officer Chicago Board Options Exchange |
Ms. Joanne Medero Global Head of Government Relations and Public Policy Barclays Global Investors |
| Mr. Thomas F. Callahan Executive Vice President and Head of NYSE Liffe U.S. NYSE Euronext |
Dr. James Newsome CME Board Member |
| Mr. George Crapple Co-Chairman and Co-Chief Executive Officer The Millburn Corporation |
Mr. Jiro Okochi Chief Executive Officer and Co-Founder Reval |
| Mr. Bernard W. Dan Chief Executive Officer MF Global Limited |
Mr. Robert Pickel Executive Director and Chief Executive Officer International Swaps and Derivatives Association |
| Mr. Michael C. Dawley Chairman Futures Industry Association |
Mr. Peter Reitz Member of Executive Board Eurex Frankfurt AG |
| Mr. David A. Dohnalek Vice President of Finance and Treasurer The Boeing Company |
Mr. Dan Roth President and Chief Executive Officer National Futures Association |
| Mr. Craig Donohue Chief Executive Officer CME Group |
Mr. Steve Sparke Chairman Futures and Options Association |
| Mr. David Downey Chief Executive Officer OneChicago |
Mr. Jeffrey Sprecher Chairman and Chief Executive Officer IntercontinentalExchange |
| Mr. Robert Klein Managing Director and Associate General Counsel Citigroup Global Markets, Inc. |
Mr. Eric Vincent Board Member Managed Funds Association |
| Mr. Roger Liddell Chief Executive Officer London Clearing House |
Mr. Donald R. Wilson, Jr. Founder and Chief Executive Officer DRW Trading Group |
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Technology Advisory Committee
The following are representatives of the Technology Advisory Committee members:
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| Dr John Bates Senior Vice President, Chief Technology Officer and Head of Corporate Development Progress |
Douglas E. Harris Managing Director Promontory Financial Group, L.L.C. |
| Brenda Boultwood Chief Risk Officer Constellation Energy |
Christopher K. Hehmeyer Vice-Chairman of the Board National Futures Association |
| John Breyault Vice President, Telecommunications and Fraud Public Policy National Consumers League |
Steven A. Joachim Executive Vice President of Transparency Services Financial Industry Regulatory Authority (FINRA) |
| Dr. Peter Carr Global Head of Market Modeling MorganStanley |
Peter G. Johnson Managing Director of Futures & Options J.P. Morgan |
| Michael Cosgrove Managing Director-Head of Commodities & Energy Brokerage, North America GFI Group |
Dr. Albert S. Kyle Charles E. Smith Chair Professor of Finance University of Maryland |
| Gary A. DeWaal Senior Managing Director and General Counsel Newedge USA, LLC |
Garry N. O’Connor Chief Executive Officer International Derivatives Clearing Group, LLC |
| Donald F. Donahue President and Chief Executive Officer The Depository Trust & Clearing Corporation |
Michael Ricks Merchandising Manager, North America Cargill Inc. |
| Bryan T. Durkin Chief Operating Officer and Managing Director, Products & Services CME Group Inc. |
Matt Schatzman Senior Vice President, Energy Marketing BG Americas & Global LNG |
| Richard B. Gorelick Chief Executive Officer RGM Advisors, LLC |
Thomas Secunda Founding Partner Bloomberg LP |
| Dr. Michael Gorham Industry Professor and Director IIT Stuart Center for Financial Markets Illinois Institute of Technology |
Charles A. Vice President and Chief Operating Officer IntercontinentalExchange |
| Simon Grensted Managing Director, Business Development LCH.Clearnet |
Dr. Matthew White Senior Economist ISO New England, Inc. |
| Jill L. Harlan Corporate Risk Manager Caterpillar, Inc. |
Charles F. Whitman Chief Executive Officer Infinium Capital Management |
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Energy & Environmental Markets Advisory Committee
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| Bob Anderson, Executive Director Committee of Chief Risk Officers |
Anthony Mansfield Heller Ehrman LLP |
| Laura Campbell Assistant Manager for Energy Resources Memphis Light, Gas & Water |
William McCoy Managing Director and Counsel Legal and Compliance Department Morgan Stanley |
| Donald Casturo Managing Director Head of Global Goldman Sachs Group, Inc. |
Elizabeth A. Moler, Executive Vice President, Government & Environmental Affairs & Public Policy Exelon Corporation |
| Dominick A. Chirichella, Founding Partner Energy Management Institute |
Ron Oppenheimer General Counsel, Global Commodities Merrill Lynch Commodities, Inc. |
| Paul Cicio, President Industrial Energy Consumers of America |
Paul Pantano McDermott, Will & Emery |
| Eileen Claussen, President Pew Center on Global Climate Change |
Robert Pickel Executive director and Chief Executive Officer ISDA |
| Jack D. Cogen President & Chief Executive Officer, Chairman of IETA Natsource LLC |
Michael Prokop, Executive Vice President Amerex Brokers LLC |
| Sean Cota, President Cota & Cota Oil & Propane |
Richard Sandor Chairman and Chief Executive Officer Chicago Climate Exchange, Inc. |
| De’Ana Dow, Managing Director, CME Group (for James Newsome) President NYMEX, Inc. |
Jonathan Schrag, Executive Director Regional Greenhouse Gas Initiative, INC |
| Heike Eckert, Executive Vice President Eurex |
John Shelk, President & Chief Executive Officer Electric Power Supply Association |
| Benjamin N. Feldman (for Jeffrey Frase) JP Morgan |
Tyson Slocum, Director Public Citizen |
| John Felmy, Chief Economist American Petroleum Institute |
Jeffrey Sprecher Chairman and Chief Executive Officer ICE Futures U.S. |
| Kevin Fox, Managing Director D.E. Shaw & Co., L.P. |
Robert Stavins, Professor Harvard University John F. Kennedy School of Government |
| Gary Gero, President California Climate Action Registry |
Ryan Stroschein, Director, Government Affairs (for John P. Heimlich), Vice President & Chief Economist Air Transport Association |
| Seth Goldman, Board Member Calvert Foundation |
Mark Stainton Senior Managing Director, Head of Global Energy Citadel Investment Group, L.L.C. |
| R. Skip Horvath, President Natural Gas Supply Association |
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| Brian Kelly, Executive Vice President Colonial Energy, Inc. |
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| Holly Koeppel Executive Vice President & Chief Financial Officer American Electric Power |
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CFTC-SEC Joint Advisory Committee
CFTC Chairman Gary Gensler and SEC Chairman Mary Schapiro co-chair the Joint CFTC-SEC Advisory Committee.
