Release: 4950-04
For Release: July 9, 2004

CFTC Announces Resignation of
Chairman James E. Newsome

The Commodity Futures Trading Commission (CFTC) announced today the resignation of Chairman James E. Newsome, effective July 23, 2004. Newsome has served as Chairman of the CFTC since December 2001. Prior to his appointment by President George W. Bush and his subsequent confirmation by the Senate, he served as Acting Chairman of the agency, beginning in January 2001, and as a Commissioner, beginning in August 1998.

Chairman Newsome said: “Serving President Bush and the public as Chairman during a period of record growth and change in the U.S. futures markets has been an honor. I will always be grateful for this opportunity. I believe the foresight of the Congress in passing the Commodity Futures Modernization Act of 2000 (CFMA) has contributed to this growth, and I expect the trend to continue with the strong foundation provided by that important legislation.”

During Newsome’s tenure at the CFTC, the number of contracts traded on U.S. futures exchanges has more than doubled on an annual basis. Newsome was a strong supporter of the CFMA, which transformed the CFTC’s regulatory structure from one governed by prescriptive rules to one guided by broad core principles, which has fostered a futures industry today that is strong, innovative, and growing to meet the risk management needs of its users.

Expressing his tremendous respect for the Commissioners and staff of the Commission, Newsome stated: “This small agency has the large task of overseeing a primary component of the financial sector. I leave with the confidence that the Commission will continue to successfully fulfill that responsibility.”

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Related Document
Newsome Statement