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CFTC Commissioner Jill Sommers Resigns

CFTC Commissioner Jill Sommers Resigns

Commissioner steps down, acknowledges continuing challenges with Dodd-Frank

Commodity Futures Trading Commission Commissioner Jill Sommers announced Thursday her resignation from the CFTC. She has served as a Commissioner since August, 2007.

"As I prepare to leave the Commodity Futures Trading Commission I would like to acknowledge the hard work and dedication of my fellow Commissioners and the many talented staff with whom I have had the pleasure of working for the past five years," Sommers said in a press statement. "While many challenges remain in finalizing the implementation of the Dodd-Frank Act, I have every confidence that the American public will be well-served by their continuing efforts."

Commissioner steps down, acknowledges continuing challenges with Dodd-Frank

While serving on the commission, Sommers served as Chairman and Designated Federal Official of the Commission’s Global Markets Advisory Committee, and also attended the Technical Committee meetings of the International Organization of Securities Commissions, the global cooperative body which is recognized as the international standard setter for securities and derivatives markets.

House Agriculture Committee Chairman Frank Lucas, R-Okla., called Sommers a "friend of agriculture" and added that she will be missed.

"Jill Sommers has been a voice of reason during a pivotal time in CFTC's history and I am grateful for her service," Lucas said. "She has advocated for a balanced approach to regulatory reform in the U.S. that is reasonable, thoughtful, and not disruptive to global markets.  I appreciate her leadership in investigating the failure of MF Global and hope the Commission will continue her efforts when she leaves.  And, her work as Chairman of the agency's Global Markets Advisory Committee has highlighted the importance of the U.S. coordinating its reforms with the global community."

CFTC Chairman Gary Gensler also praised Sommer's commitment to the commission.

"It has been an honor to serve along with Jill these last four years. I would like to thank Jill for her dedication to the Commission. She has brought significant experience and a clear and consistent voice to fulfilling the mission of the CFTC," Gensler said. "Jill has worked to bring common-sense swaps market reforms to life and to safeguard the integrity of the futures market."

Sommers was initially sworn in as a Commissioner of the Commodity Futures Trading Commission on August 8, 2007 to a term that expired April 13, 2009. On July 20, 2009 she was nominated by President Barack Obama to serve a five-year term, and was confirmed by the United States Senate in October, 2009.

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