Senate Agriculture Committee advances Behnam to chair CFTC

The Senate Agriculture Committee on Nov. 4 voted to advance the nomination of Rostin Behnam to serve as chairman of the Commodity Futures Trading Commission (CFTC).

“We deeply appreciate the willingness of Mr. Behnam to be open to NGFA-member companies’ input on rulemakings during his time as CFTC commissioner and look forward to working with him as chairman. NGFA urges the full Senate to approve his nomination,” noted NGFA President and CEO Mike Seyfert in a press statement commending the committee for its action.

The “quick vote” is a testament to strong bipartisan support for his nomination and the “urgency we face in ensuring the CFTC is at full force,” said Senate Agriculture Committee Chairwoman Debbie Stabenow, D-Mich. 

Ranking Member John Boozman, R-Ark., noted that Behnam “is well-qualified, understands agriculture and brings a measured approach to regulating” and urged senators to swiftly confirm his nomination. 
The committee held a hearing to consider his nomination on Oct. 27. His nomination now goes to the full Senate. 

In an Oct. 25 letter to leaders of the Senate Agriculture Committee, NGFA and 18 other agriculture groups noted that Behnam “has the experience and background that make him exceptionally qualified” to serve in the role. 

Behnam joined the CFTC in 2017 and since January 2021 has served as the acting chairman. In 2019, Behnam spearheaded the establishment of the CFTC’s Market Risk Advisory Committee’s Climate Related Market Risk Subcommittee. Behnam previously served as senior counsel to Sen. Debbie Stabenow, D-Mich., chairwoman of the Senate Agriculture Committee.