Biden's pick to lead commodities regulator to face Congressional scrutiny




  • In US
  • 2021-10-27 11:11:41Z
  • By Reuters
 

WASHINGTON (Reuters) - U.S. President Joe Biden's pick to head the U.S. Commodity Futures Trading Commission (CFTC) will lay out his plans to lead the agency tasked with overseeing derivatives markets when he testifies before lawmakers Wednesday.

Rostin Behnam, a Democratic commissioner at the CFTC since 2017, will testify before the Senate Agriculture Committee, a significant first step in reinvigorating an agency seen as languishing for months without a permanent pick to head it.

In October, Democratic Commissioner Daniel Berkovitz stepped down, leaving the agency politically frozen with just two active commissioners - Behnam and Republican Commissioner Dawn Stump. Biden has also nominated law professor Kristin John to serve as a Democratic member, but she has not yet been confirmed.

The vacuum of permanent leadership has come at a difficult time for the regulator, responsible for overseeing swap markets as well as Bitcoin and other cryptocurrencies that are growing more popular and more closely tied with traditional financial markets. The CFTC's whistleblower program has also been in flux due to funding issues.

Behnam, who has been acting chairman at the agency, previously worked for Senate Agriculture Committee Chairwoman Debbie Stabenow.

Behnam has made climate issues a core of his work at the CFTC. In March, he set up a climate risk unit dedicated to better understanding and pricing climate-related risks into derivatives markets. He also backed a 2020 report from CFTC's industry advisors that called climate change a significant risk to the financial system.

(Reporting by Chris Prentice and Pete Schroeder; Editing by David Gregorio)

COMMENTS

More Related News

Time is no ally as Dems strain to finish Biden
Time is no ally as Dems strain to finish Biden's $2T bill

If President Joe Biden's $2 trillion social and environment package was a Broadway show, its seven months on Congress' stage could qualify it as a hit. Each...

Biden warns Russia
Biden warns Russia's Vladimir Putin against Ukraine invasion
  • World
  • 2021-12-03 19:55:25Z

There are signs that the White House and Kremlin are close to arranging a conversation next week between Biden and Putin

Top Trump official to plead the fifth to Capitol attack committee
Top Trump official to plead the fifth to Capitol attack committee

John Eastman, linked to efforts to stop Biden certification, to invoke constitutional protection against self-incrimination John Eastman with Rudy Giuliani...

Trump attorney John Eastman
Trump attorney John Eastman's own think tank just published a book review ripping his memos about how Pence could have kept Trump in power

John Eastman's think tank, the Claremont Institute, recently published a book review article criticizing his memos for keeping Donald Trump in office.

Biden still has a rosy view on the economy despite a bad November jobs report. Here
Biden still has a rosy view on the economy despite a bad November jobs report. Here's 3 reasons why he may be right to be optimistic.

"Simply put: America's back to work and our jobs recovery is going very strong," Biden said on Friday. A close look at the data shows he may be right.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: US