WASHINGTON, Jan. 20, 2017 – J. Christopher Giancarlo today was designated acting chairman of the Commodity Futures Trading Commission, the federal agency that oversees the commodity futures, options and swaps industry.
The Republican succeeds Democrat Timothy Massad who has served as chairman since June 2014. Massad had announced earlier this month that he planned to step down today, at the end of the Obama administration.
Giancarlo was one of three commissioners nominated to the CFTC by Barack Obama in 2013 and then confirmed by the Senate in June 2014 for a term expiring in April 2019.
The commission is supposed to have five members, all presidential appointees, with no more than three from the same political party. Massad’s departure now leaves the CFTC with just two members, Giancarlo and Democrat Sharon Bowen. President Donald Trump will now be able to choose his own chairman and two other CFTC members.
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Giancarlo joined the CFTC from the GFI Group Inc., a New York-based interdealer broker where he was executive vice president.
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