CFTC Commissioner O'Malia to Leave CFTC (with Lofchie Comment)

CFTC Commissioner Scott O'Malia sent a letter to President Obama announcing his resignation from the CFTC, effective August 8, 2014.

In the letter, Commissioner O'Malia expressed gratitude for the opportunity to serve during "extensive deliberations" on the implementation of Dodd-Frank. He noted that, while he did not support all 63 rules, he is pleased with his contributions and glad that he was able to encourage the CFTC to be mindful of negative policy outcomes. He also stated that, while he found his time at the CFTC to be "professionally fulfilling," it was time for him to "pursue other opportunities."

Lofchie Comment: Commissioner O'Malia's departure is a big loss for the CFTC. During his tenure, Commissioner O'Malia provided not only a voice of reason, but also a tone of reason, even when he strongly opposed both the substance and the manner of the CFTC majority. Much work must be done to correct and clarify the rules that were rushed through in recent years. But it will be more difficult to do so without Commissioner O'Malia. He provided substantial knowledge, an ability to compromise without caving and important institutional continuity.

See: Commissioner O'Malia's Letter of Resignation.