For Release: June 27, 2007
Washington, D.C. – Today, the Commodity Futures Trading Commission (CFTC) announced the resignation of Chairman Reuben Jeffery III, effective June 27, 2007. Jeffery has served as Chairman of the CFTC since July 2005. Prior to his appointment by President George W. Bush, he served as Special Assistant to the President and Senior Director for International Economic Affairs at the National Security Council. Jeffery is departing the CFTC for the U.S. Department of State where he has been nominated and confirmed as Under Secretary of State for Economic, Energy and Agricultural Affairs by President Bush and will begin serving in that capacity as of June 28, 2007.
Jeffery said: “It has been an honor to serve the President of the United States and the American people as Chairman of the CFTC during the past two years. The continued evolution of a truly international marketplace will only serve to fuel growth in both trading volume and new initiatives. I have every faith and confidence that the CFTC will be successful in meeting the challenges that the future holds, and that it will continue to protect the public interest and integrity of the U.S. commodity futures and options markets.”
During Jeffery’s tenure, the CFTC: 1) issued a Statement of Policy addressing issues raised when foreign boards of trade seek to provide U.S. participants with direct access to their electronic trading systems; 2) started publishing a weekly Supplemental Commitments of Traders report on 12 agricultural commodities that provides enhanced transparency and shows the increasing diversity among participants in today’s futures markets; and 3) adopted Acceptable Practices that strengthen the system of exchange governance by calling for increased public representation at key levels of decision making, including boards of directors.
In addition, the CFTC has worked closely and extensively with its counterparts at other agencies, both in the U.S. and internationally, on regulatory issues of mutual interest. The CFTC also has maintained a vigorous enforcement program prosecuting those who break the rules, particularly with respect to manipulation and false reporting in the energy sector and unscrupulous operators marketing foreign currency (or forex) transactions to the retail public.
“My job at the CFTC has been made immeasurably easier by the expertise and judgment brought to bear by my fellow Commissioners and the outstanding and experienced professional staff at the agency. Their commitment and dedication to the CFTC and its mission represent the very best in public service,” Jeffery concluded.
R. David Gary
Last Updated: July 2, 2007