Sommers resigns from CFTC

By Agri-Pulse staff

© Copyright Agri-Pulse Communications, Inc.



WASHINGTON, Jan. 24, 2012- One of two Republicans on the five-member panel of the Commodity Futures Trading Commission (CFTC) announced her resignation today. Commissioner Jill Sommers, the lead overseer of the MF Global investigation, made her announcement after five years of service.

House Agriculture Committee Chairman Frank Lucas, R-Okla., said Sommers had been “a voice of reason” while addressing regulatory issues. “She has advocated for a balanced approach to regulatory reform in the U.S. that is reasonable, thoughtful, and not disruptive to global markets,” he said. “I appreciate her leadership in investigating the failure of MF Global and hope the Commission will continue her efforts when she leaves.”

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"In short, Jill is a friend of agriculture,” Lucas said. “Although I wish her well in all of her future endeavors, I can say with certainty she will be missed."

Senator Pat Roberts, R-Kan., added, “Her work on the MF Global investigation and the many challenges facing the CFTC, especially in the last two years, has been excellent. She has been consistent voice of reason at the CFTC during implementation of the Dodd-Frank Act and I will miss her advice and counsel.”

Roberts, a senior member of the Senate Agriculture Committee, said, “I have been so proud to have a Kansan on the Commission, one who understands agriculture and the futures industry after a distinguished career that started with Senator Bob Dole and produced real leadership on the CFTC.”

Sommers, who resigned with a year left on her term, did not indicate her next career move. “I would like to acknowledge the hard work and dedication of my fellow Commissioners and the many talented staff with whom I have had the pleasure of working for the past five years,” Sommers said.

She added that, “While many challenges remain in finalizing the implementation of the Dodd-Frank Act, I have every confidence that the American public will be well-served by their continuing efforts.” 

Sommers often clashed with CFTC Chairman Gary Gensler in writing regulatory rules, especially in implementing the Dodd-Frank Act reforms. Gensler said today, “I would like to thank Jill for her dedication to the Commission. Along with our fellow Commissioners, Jill has worked to bring common-sense swaps market reforms to life and to safeguard the integrity of the futures market.”

Senate Agriculture Committee Chairwoman Debbie Stabenow today thanked Sommers “for her outstanding service during this critical time as we continue implementing the Wall Street Reform and Consumer Protection Act and work to harmonize rules internationally.”

Sommers joined the CFTC in 2007 and President Barack Obama nominated her for a second term in 2009 for five years.   

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