Sommers Will Leave CFTC July 8 After Leading Review of MF Global
Jill E. Sommers, the U.S. Commodity Futures Trading Commission member who oversaw the agency’s investigation into the collapse of MF Global Holdings Ltd., will step down from the agency next week.
Sommers, one of two Republicans on the five-member panel, has served as a commissioner since 2007, spanning a period when the agency won new authority to regulate the swaps market and implement rules required under the Dodd-Frank Act. She will leave the agency on July 8, she said today.
“It’s been a unique time at the commission, and I feel it’s been a great opportunity for me to be here,” Sommers, 44, said in a telephone interview. “I’m proud of what the agency has accomplished and hope to stay active in the industry.”
The CFTC sued Jon S. Corzine last week for failing to adequately supervise employees while he was chairman and chief executive officer of MF Global. The New York-based broker collapsed in October 2011, leaving a $1.6-billion client fund shortfall that has now mostly been recouped.
Sommers took over overseeing the investigation in 2011 after CFTC Chairman Gary Gensler decided not to participate because he had worked with Corzine at Goldman Sachs Group Inc.
J. Christopher Giancarlo, executive vice president at interdealer broker GFI Group Inc. (GFIG), is the top candidate for a Republican appointment to the CFTC this year, according to three people briefed on the matter.
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