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Biden’s pick to lead commodities regulator to face Congressional scrutiny -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Signage outside the US Commodity Futures Trading Commission, (CFTC), Washington, D.C. U.S.A, August 30, 2020. REUTERS/Andrew Kelly/File Photograph

WASHINGTON (Reuters – U.S. president Joe Biden has announced his pick for the U.S. Commodity Futures Trading Commission. (CFTC). He will explain how he plans to manage the agency responsible for overseeing derivatives markets in testimony before the lawmakers on Wednesday.

Rostin Bennam, a Democratic member at the CFTC, will present evidence before the Senate Agriculture Committee. It is a crucial first step towards reinvigorating the agency, which has languished for several months without a permanent leader.

In October, Democratic commissioner Daniel Berkovitz resigned, which left the agency with only two active Commissioners – Dawn Stump, and Behnam. Biden also proposed Kristin John, a law professor to be a Democratic member. However, she is yet to be confirmed.

It has been a challenging time for this regulator that is responsible for overseeing the swap market and other cryptocurrency markets. Funding issues have also caused the CFTC whistleblower program to be in flux.

Behnam is the acting chairman.

Behnam made climate issues a key part of his work with the CFTC. Behnam established the climate risk unit to improve understanding of climate risks and their pricing in derivatives markets. He supported a 2020 report of the CFTC industry advisors, which called climate change a serious risk to financial systems.

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