Democrats Seek CFTC Nominee to Battle Wall Street Lobby

President Barack Obama must name a Commodity Futures Trading Commission member with the experience needed to ward off Wall Street lobbying over the Volcker rule and speculation limits, nine Democratic senators said.

The nominee needs demonstrated expertise in derivatives markets -- including futures, options and swaps -- to ensure the Dodd-Frank Act rules are completed “even in the face of extremely stiff industry lobbying,” Senators Dianne Feinstein of California, Carl Levin of Michigan and Elizabeth Warren of Massachusetts said in the letter signed by six other colleagues.