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Gensler not asked to replace Summers: CFTC

WASHINGTON (Reuters) - The Commodity Futures Trading Commission on Thursday squashed speculation that Chairman Gary Gensler is a candidate to replace Larry Summers, the outgoing director of the White House’s National Economic Council.

“He has not been asked,” said Scott Schneider, a CFTC spokesman.

Gensler, has been mentioned as a potential replacement for Summers, who announced this week that he would leave the job at the end of the year.

“The Chairman is focused 100 percent on implementing the Dodd-Frank Act,” Schneider said in response to a question asking if Gensler would go to the White House if asked by President Obama.

The CFTC has been given the huge task of helping to write detailed rules to implement legislation passed by Congress in July that establishes oversight of the $615 trillion over-the-counter derivatives market.

Most of the rules need to be written by July 15 of next year.

“We have 360 days to get most of the final rules published, and Chairman Gensler intends to meet our statutory deadlines,” Schneider said.

Gensler, who took the helm of the CFTC in May of 2009, is a former partner at Goldman Sachs, and Treasury official during the Clinton administration. He also was a senior adviser to former Senate Banking Committee Chairman Paul Sarbanes, on the Sarbanes-Oxley Act.

Editing by Alden Bentley

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