WASHINGTON, D.C., U.S. — The U.S. Senate confirmed the nominations of Dawn Stump and Dan Berkovitz as commissioners of the Commodity Futures Trading Commission (CFTC). Their confirmations complete the slate of five commissioners to fulfill the agency’s mission.
“The agency’s work to carry out its mission to foster open, transparent, competitive and financially sound markets free from fraud and manipulation has never been more important,” said J. Christopher Giancarlo, chairman of CFTC. “I strongly believe that a five-member commission will inform the best and most lasting work possible. Dan and Dawn bring knowledge and experience to the Commission that will be respected and appreciated by all. I look forward to working with them to keep America’s derivatives markets strong and the envy of the world.”
Stump is currently president of Stump Strategic, a consulting firm she founded in 2016. Prior to this, she was the executive director and senior vice-president of U.S. Policy for the Futures Industry Association and a vice-president at the New York Stock Exchange.
Berkovitz is a partner and co-chair of the futures and derivatives practice at the law firm of Wilmer-Hale. He also served as general counsel of the CFTC Commodity Futures Trading Commission from 2009-13.
The American Feed Industry Association (AFIA) said it supports the confirmations.
“The animal food industry relies on the Commodity Futures Trading Commission for its critical role in ensuring a fair marketplace for the purchase of commodities used in the manufacture of feed and pet food,” said Joel G. Newman, president and chief executive officer of AFIA.
“The agency has been without a complete suite of commissioners for several years, making it difficult for it to complete its regulatory function at full capacity, amid a changing marketplace and increased oversight responsibilities,” Newman said. “The American Feed Industry Association commends the U.S. Senate for completing the CFTC’s five-member commission with the confirmation of Stump and Berkovitz, two well-qualified candidates with a genuine understanding of agricultural commodity markets.”