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May 24, 2013

Former Senate Aide Weighed to Lead CFTC

The White House is considering a former Senate aide to succeed Gary Gensler as chairman of the Commodity Futures Trading Commission after the previous leading candidate locked horns with Mr. Gensler over a controversial rule, according to people familiar with the matter.

Amanda Renteria, former chief of staff for Sen. Debbie Stabenow (D., Mich.), is considered by some within the CFTC to be the front-runner for the chairman position, according to people familiar with the matter.

“‘I’ve been talking with the administration about a number of different things,’ Ms. Renteria said.

Until recently, CFTC Commissioner Mark Wetjen, a Democrat who joined the commission in 2011, had been seen as the likely successor to Mr. Gensler. He and Mr. Gensler recently disagreed over a key part of the new Dodd-Frank law governing derivatives, with Mr. Wetjen supporting a proposal more favorable to Wall Street. Mr. Gensler had pushed for deeper changes to the swaps market, while Mr. Wetjen argued a more moderate approach could achieve the goals of Dodd-Frank without disrupting the market.”

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Read full Wall Street Journal article here

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