Release: 4963-04
For Release: July 23, 2004

PRESIDENT DESIGNATES SHARON BROWN-HRUSKA ACTING CHAIRMAN

Washington -- The Commodity Futures Trading Commission (CFTC) today announced that the President has designated Commissioner Sharon Brown-Hruska to serve as Acting Chairman of the CFTC, effective July 24, 2004. The Senate confirmed Brown-Hruska on August 2, 2002, to a term expiring in April 2004. The White House also announced the President’s intention to nominate Brown-Hruska to a second term expiring in April 2009.

Commissioner Brown-Hruska will succeed James E. Newsome who has served as CFTC Chairman since December 2001, and announced his intention to resign from the Commission effective July 23, 2004.

In assuming the office of Acting Chairman, Brown-Hruska said:

I am humbled by the Administration’s confidence in selecting me to serve as Acting Chairman of the CFTC. I eagerly look forward to continuing the efforts of Chairman Newsome to implement successfully the provisions of the CFMA and to maintaining the CFTC’s reputation as a fair but firm overseer of U.S. futures markets and a champion in the development of futures markets around the world.

As I assume the duties of Acting Chairman, I welcome the opportunity to continue working closely with my good friend and colleague, Commissioner Walter Lukken. I am confident that with the assistance and support of Commissioner Lukken and the Commission’s highly dedicated and professional staff, the Commission’s mission to ensure the viability and the integrity of U.S. futures markets will continue unabated.

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