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Biden nominates three to US derivatives regulator –

President Joe Biden plans to send the names of three Democrats to the Senate to sit on the government agency responsible for regulating US derivatives markets.

Acting chair Rostin Behnam of the Commodity Futures Trading Commission (CFTC) was nominated to head the panel, the White House said.

The White House also nominated Christy Goldsmith Romero and Kristin Johnson to serve as commissioners.

Currently, the CFTC has one Republican commissioner, Dawn DeBerry Stump. The other GOP commissioner, Brian Quintenz, resigned last month. Congressional Republicans must nominate a GOP replacement.

Behnam’s promotion to chair and Johnson’s nomination were expected, but Goldsmith Romero’s selection was made at the last minute following last week’s announcement by Democrat Dan Berkowitz that he will step down in October.

Appointments deliver on diversity promise

These nominations could help the Biden administration usher in an era of stricter rules and oversight for Wall Street. Since the 2008 financial crisis, the CFTC’s jurisdiction over markets has expanded greatly.

The biographies of the nominees provided by the White House reflect the Biden administration’s promise to promote diversity in all sectors of the economy.

If confirmed, Johnson would be the first Black woman to serve as a top financial regulator. Johnson, a law professor at Emory University, specialises in the regulation of complex financial products, including the origination, distribution, and secondary market trading, clearing, and settlement of securities and derivatives.

Behnam is of Middle Eastern heritage. He joined the CFTC in 2017 as a commissioner and since January 2021 served as acting chairman. During that time, he advocated for public and private partnerships to ensure the derivatives operate open and fairly.

Goldsmith Romero served for a decade as a special inspector general for the Treasury Department’s Troubled Asset Relief Program and also worked at the US Securities and Exchange Commission. She is an Asian American Pacific Islander.

Read more: US CFTC Berkowitz resigning

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