The Senate on Aug. 28 confirmed Republican Dawn DeBerry Stump and Democrat Dan Michael Berkovitz as members of the U.S. Commodity Futures Trading Commission (CFTC), bringing a full complement of commissioners to the five-member agency for the first time since 2014.
Stump is a former staffer for the Senate Agriculture Committee and served as executive director of the Americas Advisory Board for the Futures Industry Association. She most recently owned and operated a consulting firm she founded, Stump Strategic. The NGFA strongly advocated for her nomination and confirmation, as she has a solid background in the agricultural industry. Berkovitz most recently was a partner at the law firm of WilmerHale in Washington, D.C., and served as general counsel at CFTC under then-Chairman Gary Gensler from 2009-2013.
A full set of commissioners in place could provide the opportunity for CFTC Chairman Giancarlo to complete work on a final rule on speculative position limits, an initiative that has lingered for years at the commission.
Giancarlo, who spoke at NGFA’s 2017 Annual Convention, has discussed removing regulatory barriers for agriculture as well as improving the efficiency of the CFTC. In a recent interview with NGFA, he reflected on the benefits of acquiring a full set of commissioners. Read the interview here.
The NGFA also strongly supported the confirmations of Giancarlo, Bruce (Russ) Behnam and Brian Quintenz. Giancarlo has been serving as acting CFTC chairman since President Donald Trump took office in January. Quintenz joined the CFTC from Saeculum Capital Management LLC, where he was the founder, managing principal and chief investment officer. Behnam served as senior counsel for the Senate Agriculture Committee ranking member Debbie Stabenow, D-Mich.