Gary Gensler’s term as chairman of the U.S. agency writing regulations required by the Dodd-Frank Act for the global swaps market ends tomorrow. All the same, his ability to craft rules for companies including Goldman Sachs Group Inc. and JPMorgan Chase & Co. could extend at least until next year.
Federal rules permit Gensler, a Democrat, to remain as chairman of the U.S. Commodity Futures Trading Commission until the end of 2013. If President Barack Obama loses re-election in November, his successor could nominate a replacement as chairman earlier. White House spokeswoman Amy Brundage declined to comment on whether the president will re-nominate Gensler.
“If CFTC Chairman Gary Gensler doesn’t act soon to implement rules that will cut down on speculation in the oil futures markets, then you should consider not reappointing him,” Senator Bill Nelson, a Florida Democrat, said in an April 3 letter to Obama. The speculation rules, approved by the CFTC in October as part of Dodd-Frank, haven’t taken effect in the market.