White House Vets 4 CFTC Commissioner Candidates as Senate Weighs Sept. 15 Crypto Bill Vote
Updated
Updated · CNBC · Sep 4
White House Vets 4 CFTC Commissioner Candidates as Senate Weighs Sept. 15 Crypto Bill Vote
1 articles · Updated · CNBC · Sep 4
Summary
Four CFTC seats have been vetted by the White House, according to people familiar with the process, but there is still no timeline for nominations to the derivatives regulator.
One commissioner — Chairman Michael Selig — currently makes up the entire five-member agency, even though the CFTC is supposed to include three members from the president's party and two from the opposition.
Schumer's office said it already sent names for Democratic vacancies at the CFTC and SEC after the administration blamed Democrats in July for delays, and said the White House has not responded.
Sept. 15 is the next pressure point: Democrats whose votes are needed for the Senate's 60-vote threshold on the Clarity Act have criticized the empty bipartisan seats, and one Republican working on the bill said filling them could help win support.
Bipartisan calls to restore a full commission have been building since at least May, with House Agriculture leaders and Schumer's office all urging the administration to move quickly.