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Mark Wetjen to keep top seat warm

The CFTC has unanimously voted to elect Mark Wetjen as acting Chairman, filling the leadership void posed by Gary Gensler’s 3rd January departure date.  The extent of Mr Wetjen’s time at the top is unclear; President Obama has nominated Timothy Massad to be the next Chairman, but his Senate confirmation hearing will not take place until early in the New Year. Mr Wetjen may temporarily inherit a split two-man Commission.; the Senate has yet to confirm J. Christopher Giancarlo and the outspoken DemocratBart Chilton has expressed a desire to step down imminently.

Although a Democrat, Mr Wetjen has been characterised as the “tie-break” middle-man of the departing Commission, often being seen to lack the regulatory zeal of the departing Chairman. It is likely that during his short tenure, the depleted Commission will tend more to delay than  precipitate action.

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