President Donald Trump announced in December his intention to nominate Heath Tarbert, currently assistant secretary for international markets at the U.S. Treasury Department, to become chairman of the Commodity Futures Trading Commission (CFTC) when current Chairman Christopher Giancarlo’s term expires in April.
At Treasury, Tarbert oversees the department’s work on economic development, international financial stability, trade policy, energy and infrastructure projects, and technical assistance to foreign governments. Before joining the Treasury Department in October 2017, he was a partner at Allen & Overy LLP in its global financial regulatory practice. Prior to that, he was senior fellow at the Harvard Law School Program on International Financial Systems, legal adviser to the Systemic Risk Council, vice president of the Committee on Capital Markets Regulation, and a member of the Board of Advisors for the Review of Securities and Commodities Regulation.
Upon confirmation by the Senate, Tarbert’s term would begin in April and last for five years.
Giancarlo, who first joined CFTC as a commissioner in 2014 and took the helm as chairman when Trump took office, praised the nominee, saying Tarbert is “well suited to continue the work of transitioning the CFTC into a 21st century digital regulator.”
Throughout his tenure – including during his remarks at the NGFA’s 2017 annual convention – Giancarlo advocated for removing regulatory barriers for agriculture, including some erected by his predecessor in implementing the Dodd-Frank law, as well as improving the efficiency of the CFTC. He also outlined his vision for the agency during this 2018 interview with NGFA.
The Senate in August 2018 confirmed Republican Dawn DeBerry Stump and Democrat Dan Michael Berkovitz as members of the CFTC, bringing a full complement of commissioners to the five-member agency for the first time since 2014. Bruce (Russ) Behnam and Brian Quintenz were sworn in to serve as commissioners in 2017.