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.