Release:             #4485-01

For Release:     January 5, 2001

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CFTC NAMES JAMES E. NEWSOME ACTING CHAIRMAN

Washington -- The Commodity Futures Trading Commission (CFTC) today announced that by seriatim action it has elected Commissioner James E. Newsome to serve as acting chairman of the CFTC, effective January 20, 2001. Newsome was confirmed by the Senate on July 31, 1998, to a term expiring in June 2001.

Commissioner Newsome will succeed William J. Rainer who has served as chairman since August 11, 1999, and has announced his intention to resign from the Commission effective January 19, 2001.