Wednesday, 26 October 2016
Last updated 12 min ago
Jul 22 2014 | 11:08am ET
The turnover at the Commodity Futures Trading Commission is nearing completion with the resignation of a fourth commissioner out of five in the past year.
Scott O’Malia, a Republican, will step down from the regulator next month after nearly five years. His exit comes just two months after the U.S. Senate confirmed three new commissioners, including new Chairman Timothy Massad, and leaves former acting chairman Mark Wetjen as the longest-serving member of the CFTC, having joined in 2011.
“While I find this position to be professionally fulfilling, I believe it is time to pursue other opportunities,” O’Malia wrote to President Barack Obama, who appointed him in 2009.
O’Malia, a former aide to Sen. Mitch McConnell (R-Ky.), leads the CFTC’s Technology Advisory Committee, and earlier this year said the regulator was working on a high-frequency trading rule. He also urged Congress to increase the CFTC’s funding to allow it to invest more in technology, which he said is required to oversee the markets.