Behnam Confirmed as CFTC Chief as New Commissioners Nominated

The US Senate has approved the nomination of Rostin Behnam as chair of the US Commodity Futures Trading Commission (CFTC), he has been acting chair since January 2021 and a commissioner since 2017.

At the same time, following news that commissioner Dawn Stump is stepping down in April, the Biden Administration has nominated two commissioners for congressional approval, which will bring the number to three, still short of the five normally in the post.

Summer Mersinger and Caroline Pham are the two nominees, Mersinger is currently chief of staff to commissioner Stump at the CFTC. Prior to joining CFTC two years ago, Mersinger worked in the US House of Representatives.

Pham is managing director and head of market structure for strategic initiatives in Citi’s Institutional Clients Group. Previously, Pham has been global head of compliance and deputy heads of global regulatory affairs for the bank, she also represents Citi on the executive committee of the Chamber of Digital Commerce.

Pham has also advised on key global issues such as prudential regulation and systemic risk, financial markets including currencies and commodities, fintech and digital assets, and environmental, social and governance (ESG), and has led initiatives for Dodd-Frank Act implementation and other global financial regulatory reform.

As well as roles in academia Pham also served as special counsel and policy advisor to former CFTC Commissioner Scott O’Malia – now chief executive of ISDA.