The U.S. Senate Committee on Agriculture, Nutrition, and Forestry voted overwhelmingly on June 29, 2017 to confirm the nomination of J. Christopher Giancarlo as Chairman for the U.S. Commodity Futures Trading Commission. He has served as Acting Chairman since January. This paves the way for his nomination to move forward to consideration on the Senate floor.
“I am humbled by the bipartisan support in the Senate Agriculture Committee for my nomination as Chairman of the Commodity Futures Trading Commission, and I look forward to consideration by the full Senate. During my time as a Commissioner, I have witnessed firsthand the enduring commitment of Chairman Roberts, Ranking Member Stabenow and members of the Committee to our common purpose of serving the American people and the agricultural producers upon which we all rely. I am confident that with their support, if confirmed by the Senate, we can fulfill the CFTC’s mission to foster open, transparent, competitive and financially sound markets, in a way that best fosters broad-based economic growth and American prosperity.
“Derivatives serve the needs of society to promote job creation and prosperity, and the CFTC’s oversight of global risk management markets is the reason American consumers enjoy stable prices from the grocery store to their home heating providers. There is more work to be done to make the CFTC a 21st-century regulator for our 21st-century markets, and I look forward to partnering with members of the Agriculture and Appropriations Committees in both the House and the Senate, if confirmed, to achieve this goal.”
In the five months he has served as Acting Chairman, Mr. Giancarlo has worked with Commissioner Sharon Bowen to unanimously advance 74 formal Commission actions, roughly one action for every two days. These actions include the launch of new initiatives such as LabCFTC and Project KISS, creating the new Market Intelligence Branch and the role of Chief Market Intelligence Officer and taking swift action on more than 20 important enforcement cases. This record of accomplishment demonstrates that the CFTC is moving forward to further its important regulatory mission on behalf of the American people.