After approving Bowen, the
For the past several months, the commission has been composed of only two members,
"I'm pleased that we now have a full slate of commissioners to take on the important work ahead for the CFTC," Lukken said. "The derivatives industry plays a vital role in hedging risk and reducing price volatility, so it's important that CFTC rule-making ensures a heal-thy, well-regulated and dynamic futures market."
Only Bowen's nomination was controversial. During her service on the
"I'm proud that my colleagues in the
"Ms. Bowen is an accomplished public servant who recognizes the urgency and importance of protecting the markets and ensuring they are transparent and working as intended. The commission will benefit from Ms. Bowen's experience and expertise, as will the farmers, ranchers and small businesses across the country who rely on the markets to hedge risk and continue growing their businesses."
In remarks on the
Massad "has a sterling record of public service," Stabenow said, noting he had been confirmed unanimously three years ago as Treasury assistant secretary for financial stability and in that position has overseen the wind-down of the assest relief program.
"It's a tribute to
During his confirmation hearing testimony, Massad had signaled that he would be a strong enforcer and "will be an advocate for strong international regulatory standards in a global derivatives market," Stabenow said.
She also noted that Giancarlo has worked in companies that focused on swaps markets regulated by the CFTC, particularly the
During his testimony, Giancarlo emphasized the value of transparency in the swaps market and said he agrees "with most" of the provisions in the Dodd-Frank bill.
Stabenow also noted that the commission needs bigger appropriations to do its job properly and that the
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