October 9, 2009 / 2:23 PM / 9 years ago

U.S. Senate confirms three nominees to CFTC

WASHINGTON, Oct 9 (Reuters) - The U.S. Senate confirmed three nominees by unanimous consent to the U.S. Commodity Futures Trading Commission late on Thursday.

Bart Chilton and fellow CFTC Commissioner Jill Sommers were nominated for another term at CFTC. Scott O’Malia was nominated last month to fill the vacant Republican post at the CFTC.

All three said at a Senate Agriculture Committee hearing last week they backed the Obama administration plan that has called for centralized clearing of over-the-counter derivatives. Congress and the administration agree broad regulation of dealers and products must be part of a reform package. [ID:nCFTCREG]

The CFTC has five commissioners. No more than three commissioners at any one time may be from the same political party. The other Republican at the CFTC is Sommers.

The CFTC has been active since Chairman Gary Gensler took the post in May. The agency overhauled its weekly Commitments of Traders report to provide more information about exchange contract positions held by traders. [ID:nN02541577]

Gensler also has said the CFTC will consider adding position position limits for energy contracts similar to what is in place for agricultural markets to prevent large players from having too much influence over prices. [ID:nLI29470] (Reporting by Christopher Doering; Editing by Lisa Shumaker)

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