President Barack Obama is set to nominate two new members to fill vacancies on U.S. the Commodity Futures Trading Commission, the White House said Thursday.
Chris Brummer, a professor at Georgetown University Law Center in Washington, will be the Democratic nominee. Brian Quintenz, who runs his own money management firm and was an aide to former U.S. Representative Deborah Pryce, is the Republican pick.
The five-member CFTC, which was given new powers to supervise the over-the-counter derivatives market in the wake of the 2008 financial crisis, has been operating without a full slate of commissioners. Brummer and Quintenz must be confirmed by the Senate.
Bart Chilton, who was a CFTC commissioner for seven years and is now a senior policy adviser at law firm DLA Piper, said he doesn’t expect that the Senate, in an election year, will move quickly, though their backgrounds “bode well” for eventual confirmation.
“The regulator has been working with a short-handed roster for many months, although I don’t anticipate these new nominees will be for confirmed for several months,” he said.