Mark P. Wetjen today announced his resignation as Commissioner at the U.S. Commodity Futures Trading Commission (CFTC), with his resignation to become effective on August 28, 2015.
Mr. Wetjen was unanimously confirmed by the Senate in October 2011 and served as Acting Chairman of the Commission from January 2014 to June 2014.
During his tenure as Commissioner, Mr. Wetjen played an important role in the implementation of the Dodd-Frank Act, helping craft over ninety CFTC actions. In addition, during his chairmanship, Mr. Wetjen oversaw the implementation of the first trading mandate for certain interest rate and credit default swaps.
Mr. Wetjen is known a strong advocate for improving the market structure and efficiency of the global derivatives markets through the harmonization of derivatives regulations. Under his leadership, the CFTC adopted a novel regulatory approach to appropriately recognize certain derivatives-trading platforms located outside of the U.S.
In addition, Mr. Wetjen has supported over 100 enforcement actions as a commissioner, including those relating to the London Interbank Offered Rate (LIBOR). The LIBOR cases alone have resulted in historic fines exceeding $1.2 billion.
Mark P. Wetjen commented:
“Today, I informed President Obama of my intention to resign as a CFTC Commissioner later this month. It has been an honor to serve as both Commissioner and Acting Chairman of the CFTC. I am grateful for the opportunity to have served alongside my fellow Commissioners and Chairmen Gensler and Massad, and I thank them for their dedication, professionalism, and collegiality. I also commend the talented and hardworking Commission staff and am confident the Commission will continue to ensure the derivatives markets remain open, transparent, competitive, and financially sound.”
To view the official announcement by the CFTC, click here.