Bloomberg News

Gensler Said to Discuss Chance of Second Term at CFTC

March 05, 2013

The Obama administration has opened discussions with Gary Gensler about serving a possible second term as chairman of the Commodity Futures Trading Commission, according to a person briefed on the matter.

Gensler has also discussed other economic or financial jobs in the administration, according to the person, who asked not to be named because the talks are private. Gensler hasn’t been told he will be nominated for a second CFTC term or to a different job, the person said.

While Gensler has expressed interest to White House officials about other economic posts, he is unlikely to receive one, according to another person familiar with the matter who asked not to be named in describing personnel discussions.

Gensler has led the five-member commission in its effort to write new Dodd-Frank Act rules overseeing derivatives trading by Goldman Sachs Group Inc., JPMorgan Chase & Co. (JPM:US) and other companies. The law was enacted following the 2008 credit crisis as an effort to reduce risk and increase transparency in the financial system.

The White House press office declined to comment. The Wall Street Journal reported on the discussions earlier yesterday.

Gensler, who has said he’d be willing to serve a second term, took office in May 2009 and his term officially expired in April 2012. Federal rules permit him to remain in his post until the end of 2013 without being renominated by President Barack Obama.

Gensler has been criticized on Wall Street for the scope of the CFTC’s regulations and the potential they have to increase costs on banks and other users of derivatives.

To contact the reporter on this story: Silla Brush in Washington at sbrush@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net


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