August 29, 2018 / 2:07 PM / a year ago

U.S. Senate confirms pair of commissioners to join CFTC

WASHINGTON (Reuters) - The U.S. Senate voted late Tuesday to confirm Dawn Stump and Dan Berkovitz to join the Commodity Futures Trading Commission, handing the derivatives regulator a full complement of commissioners for the first time under President Donald Trump.

The arrival of Stump, a Republican, and Berkovitz, a Democrat, could usher in a new, more aggressive CFTC, as Chairman Christopher Giancarlo will now have a full team of five commissioners at the top of the agency. The Senate voted to approve the pair via a voice vote.

Stump is a former Senate staffer and lobbyist for the Futures Industry Association, who currently runs her own consulting firm. Berkovitz most recently was a partner at WilmerHale in Washington, and served as the CFTC’s general counsel under President Barack Obama.

The full complement of commissioners could open the door to the CFTC completing work on rules limiting speculators in futures markets by establishing “position limits” in certain commodities. Those rules are one of the most notable portions stemming from the 2010 Dodd-Frank financial reform law that the CFTC has yet to complete, after a judge threw out an initial attempt in 2012.

The Senate also moved Tuesday to consider Elad Roisman to serve as a commissioner at the Securities and Exchange Commission. The nomination of Roisman, who would fill a Republican seat on the SEC, is slated to be debated by the Senate in the first week of September, after Senate Majority Leader Mitch McConnell filed a motion to bring it up.

The debate on Roisman will come even as the Trump administration has yet to name a nominee to fill a Democratic seat on the SEC. Typically, SEC commissioners are considered by the Senate in pairs.

Reporting by Pete Schroeder; Editing by Frances Kerry

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