OTC Derivatives Reform (Jill Sommers, a commissioner for the Commodity Futures Trading Commission (CFTC), resigned today, according to a press release by the CFTC.
Sommers was sworn in as a commissioner of the CFTC in 2007 and was nominated in 2009 for a second term, which would have expired in 2014. Prior to the CFTC, Sommers worked for the International Swaps and Derivatives Association and the Chicago Mercantile Exchange.
At the CFTC, she served on the Commission’s Global Markets Advisory Committee. A Republican, Sommers’ resignation now unbalances the Republican-Democrat dynamic of the CFTC, which requires that no more than three commissioners be from the same party. The remaining commissioners consist of three Democrats, including Chairman Gary Gensler, and one Republican.
“Along with our fellow Commissioners, Jill has worked to bring common-sense swaps market reforms to life and to safeguard the integrity of the futures market,” Chairman Gensler said of Sommers in a press release regarding her departure. “Jill has been essential to these historic efforts. I wish Jill well in all of her future pursuits, and I will miss working with her at the CFTC.”
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