CFTC Commissioner Quintenz to resign
Commodity Futures Trading Commission (CFTC) Commissioner Brian Quintenz announced he will resign on Aug. 31, leaving the five-member panel with two vacant seats.
Though his five-year term expired in April 2020, he may legally remain at CFTC until the end of this year. Quintenz, who was nominated in 2017 by then-President Donald Trump, said he originally had planned to step down at the end of 2020 or once a replacement had been confirmed.
“Without a successfully appointed replacement, I decided to remain in my role this year to ensure my voice was heard as important derivatives market and financial innovation issues were raised during the administration’s transition,” he said. “I look forward to returning to the private sector for the next chapter of my career and will continue to be a strident advocate for financial market innovation, freedom of market participation, derivatives market integrity, and sound financial regulation.”
The departure will leave the commission with two Democrats, one Republican and two empty seats. Rostin (Russ) Behnam, a former staff member of the Senate Agriculture Committee, is the CFTC’s current acting chairman.
One of CFTC’s accomplishments during Commissioner Quintenz’s tenure was the completion of the final rule on position limits, a process in which NGFA’s Risk Management Committee heavily engaged to help maintain hedging and risk-management strategies for the agricultural industry.