CFTC's Bowen to Step Down, Leaving Acting Chairman as Sole Commissioner

CFTC Commissioner Sharon Bowen, the sole Democrat on the two-member Commission, announced she is stepping down from the agency within the next few months or sooner if another nominee is confirmed. Bowen in a statement said: “Having just two Commissioners makes routine business difficult, but makes important policy decisions almost impossible. Without a full complement of commissioners to consider the far-reaching implications of our decisions, we are frozen in place while the markets we regulate are moving faster every day.” The CFTC currently has three vacant commissioner posts. According to the Wall Street Journal, two Republicans have been nominated as commissioners: Dawn Stump, a derivatives lobbyist who formerly worked on the Senate Agriculture Committee, and Brian Quintenz, a former aide in the U.S. House of Representatives. Commissioner and Acting Chairman Christopher Giancarlo recently faced a Senate panel in a confirmation hearing on his nomination to be permanent chairman.