Jill Sommers Reflects on the CFTC, Dodd-Frank, and Her Future

Jill Sommers, Commissioner of the Commodity Futures Trading Commission (CFTC), is stepping down after the first quarter of this year. Sommers spoke with JLN editor-in-chief Jim Kharouf about the progress of Dodd-Frank, position limits, and what the future holds for the CFTC after her resignation.

Sommers discussed how the CFTC has changed over the last five years — including their increased budget and staff, moving from principles-based to rules-based rulemaking and their greatly increased public profile.

She also reflected on the Dodd-Frank rulemaking process, saying she wished the CFTC had defined swap-related terms first and delayed compliance with any rules until the rulemaking process was completed.

Sommers was sworn in as a CFTC commissioner on August 8, 2007 and served until April 13, 2009. President Barack Obama nominated her on July 20, 2009 to serve a five-year second term. Before becoming a CFTC commissioner, Sommers worked on several over-the-counter derivatives issues as policy director and head of government affairs for ISDA, as well as working closely with congressional staff drafting the Commodity Futures Modernization Act of 2000.

Jill Sommers Resources

  • Jill E. Sommers on MarketsWiki (link)
  • CFTC on MarketsReformWiki (link)
  • Dodd-Frank on MarketsReformWiki (link)
  • Swaps Definitions Regulation on MarketsReformWiki (link)
  • Swaps Regulation on MarketsReformWiki (link)