In, Phillips & Cohen partner Erika Kelton asks why the CFTC still doesn’t have a permanent chair and explains why the lack of leadership is a serious problem for the regulator.

The Commodity Futures Trading Commission has been without a permanent chair since President Joe Biden took office in January, leaving it rudderless.

The CFTC is a small agency, but it has a big mandate. It not only regulates the trading of commodity futures, it also is the main US regulator of the global swaps market, estimated at $400 trillion – a responsibility Congress added as part of the Dodd-Frank Act in 2010.

“Acting” leadership positions are not sufficient. Since Biden took office, the acting CFTC chair and the acting director of enforcement have made few public statements to indicate the direction the CFTC will take in the new administration. There have been no statements about CFTC’s enforcement priorities or what the markets can expect.

This is not effective leadership.

Read the entire article, “When Will The CFTC Get New Leadership?” on

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