President-elect Brarack Obama’s choices for the head of the SEC and the CFTC have been generally well-received. Mary Schapiro and Gary Gensler have very large jobs ahead of them as Congress is expected to require hedge fund registration with the SEC, and the CFTC also has the mandate to regulate the off-exchange forex markets. As always we stess that any regulation should be reasonable and considered; knee-jerk legislation will not lead to more fair markets.
The releases below come from current SEC Chairman Cox and CFTC Acting Chairman Lukken.
Statement From SEC Chairman Christopher Cox
FOR IMMEDIATE RELEASE
Washington, D.C., Dec. 18, 2008 — Securities and Exchange Commission Chairman Christopher Cox today made the following statement:
“I commend President-elect Obama on his outstanding choice of Mary Schapiro to chair the Securities and Exchange Commission after my service ends next month. I have worked closely with Mary for many years on a wide range of financial industry and market regulation efforts, including the creation of FINRA and the protection of senior investors, and she has always been a consummate professional. Her experience at both the CFTC and SEC will be invaluable in tackling the challenges of regulatory restructuring that the next Congress will face. She is deeply committed to protecting investors and ensuring the integrity of our markets, and I know that the employees and alumni of the SEC join me in congratulating Mary and wishing her a smooth and expeditious confirmation.”
Statement by Acting Chairman Walt Lukken on Nomination of Gary Gensler
Washington, DC – Commodity Futures Trading Commission (CFTC) Acting Chairman Walt Lukken issued the following statement on the President-Elect’s announcement today that Gary Gensler will be nominated to serve as Chairman of the CFTC in the next administration.
“President-elect Obama has made an outstanding choice in Gary Gensler to lead the CFTC. Gary has the rare combination of intelligence, market and government experience and independence that will help lead this agency in its vigorous oversight of the futures markets going forward. I look forward to our continued work with Gary and the incoming Administration to facilitate a seamless transition at this agency.”