“The White House has allowed the term of the top US derivatives regulator to expire amid critiques from both political parties over attempts to shape the future of the $648tn swaps industry.”

“Gary Gensler, chairman of the Commodity Futures Trading Commission, quietly saw his official term lapse on April 13. On Monday, Bernie Sanders, a liberal Senator from Vermont, called on President Barack Obama not to reappoint Mr Gensler, becoming the latest lawmaker to demand a new CFTC chairman.”
…

“’I don’t think there’s a lot of support on either side [for Mr Gensler],’” said one Senate aide, in reference to Republican and Democratic lawmakers. “’I don’t see a lot of members coming to his defence.’”

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Read full Financial Times article here.