Scott O'Malia to resign from CFTC
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WASHINGTON, July 22, 2014 -- Scott O'Malia is resigning from his position as a member of the Commodity Futures Trading Commission effective Aug. 8.
In a letter to President Barack Obama, O'Malia said it had been an “honor and a privilege” to serve on the nation's chief regulatory body for the $700 trillion global swaps market - including futures trading of grains, soybean, cotton and livestock -- for the past four and a half years. His five-year term was to expire in April 2015.
O'Malia, a Republican who was appointed by Obama, said he was especially proud of the contributions he made to the CFTC as chairman of the body's Technology Advisory Committee.
“I was able to focus the Commission's attention on critical issues surrounding automated trading, automated risk controls and vital customer protection mechanisms to monitor customer funds,” O'Malia said in his letter. In addition, he noted that he was an advocate for using automated systems to identify threats posed by the concentration of risk.
O'Malia said he was leaving to “pursue other opportunities” without being more specific. Before joining the CFTC, O'Malia served as staff director to the Senate Appropriations Subcommittee on Energy and Water Development.
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