Scott O'Malia, a Republican who used his position on theCommodity Futures Trading Commission to criticize some of theagency's efforts to rein in the $700 trillion global swaps market,said he will resign next month.

O'Malia, 46, the longest-serving member of the current CFTCpanel, will step down effective Aug. 8 after more than four yearsat the agency, he said in a letter released today.

O'Malia is leaving as the CFTC transitions to a new slate ofcommissioners and shifts from writing to enforcing rules put inplace under the 2010 Dodd-Frank Act.

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