markets

Ex-CFTC Counsel Is Likely Pick for Democratic Slot, Sources Say

  • Daniel Berkovitz’s name has been sent to Trump, people say
  • WhileHale partner played key role in writing post-crisis rules

Dan Berkovitz

Photographer: Andrew Harrer/Bloomberg

President Donald Trump is likely to name a former Commodity Futures Trading Commission official who played a key role in creating post-crisis rules to fill a Democratic slot at the U.S. derivatives regulator, according to people familiar with the matter.

Dan Berkovitz, a WilmerHale partner who was CFTC general counsel from 2009 to 2013, is under review by White House staff, one of the people said. His name was sent to the president by Senate Minority Leader Charles Schumer, a New York Democrat, according to the people, who requested anonymity because the pick hasn’t been announced.

While Berkovitz still must clear hurdles such as a background check and being formally named by Trump, he’s unlikely to have trouble winning Senate confirmation. His nomination is expected to be paired with that of Dawn DeBerry Stump, a Republican CFTC pick who has been awaiting confirmation since she was named in June.

Schumer’s office and Berkovitz declined to comment. Natalie Strom, a White House spokeswoman, said the Trump administration had no personnel announcements at this time.

Senate approval of Stump and Berkovitz would bring the five-member CFTC to full strength for the first time since 2014. Chairman J. Christopher Giancarlo, a Republican who elevated to the top job last year, told senators on Thursday that the agency won’t adopt a rule to limit speculative trading until it has a full complement of commissioners. Berkovitz and Stump would join Giancarlo, Republican Brian Quintenz and Democrat Rostin Behnam on the commission.

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