CFTC Commissioner Jill Sommers Announces Resignation (with Lofchie Comment)

CFTC Commissioner Jill Sommers announced her resignation and made the following statement: "As I prepare to leave the Commodity Futures Trading Commission I would like to acknowledge the hard work and dedication of my fellow Commissioners and the many talented staff with whom I have had the pleasure of working for the past five years. While many challenges remain in finalizing the implementation of the Dodd-Frank Act, I have every confidence that the American public will be well-served by their continuing efforts."

Lofchie Comment: Commissioner Sommers has been a consistent internal critic of the means by which the Dodd-Frank Act was being implemented by the CFTC, and had several times dissented from rule adoptions and other actions taken by the majority of the other Commissioners. She recently gave a speechat the Cadwalader Energy Conference highlighting some of her concerns as to the implementation of Dodd-Frank. It is unclear how (or if) her absence will affect the regulatory actions of the CFTC given that she was in the minority among the Commissioners.

See: CFTC Press Release.See also: Chairman Gary Gensler's Statement; Commissioner Scott D. O'Malia's Statement; CME Group Statement