Forecast Trend Report by Period
The House Agriculture Committee is urging President Donald Trump to quickly nominate new leaders for the Commodity Futures Trading Commission, warning that the agency’s current one-member structure must be brought back to normal.
Cointelegraph reported on May 15 that House Agriculture Committee Chairman Glenn Thompson and ranking member Angie Craig sent Trump a bipartisan letter calling for CFTC commissioner nominations.
In the letter, the lawmakers wrote that the CFTC is facing urgent regulatory issues. They said the agency would need sufficient capacity in place if the Clarity Act becomes law, given the extensive rulemaking process that would follow.
A fully staffed commission would bolster the health and resilience of the US derivatives market, they wrote, adding that it is essential to supporting US leadership in global markets.
The CFTC is currently operating with Acting Chairman Caroline Pham as its only commissioner, an unusual one-person setup. Restoring the commission to normal operations, however, could take significant time.
As of May 15, Trump had not announced any new nominees. Even after nominations are made, it could take weeks or months for commissioners to take office because they must clear Senate confirmation hearings and a floor vote.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
