Surprising Move by Republican Commissioner who headed MF Global Investigation.

[ by Melanie Gretchen ]

The CFTC Commissioner overseeing the MF Global investigation announced she will leave the Commission one year before her term is up, and before the MF Global inquiry was concluded.  Jill Sommers, a Republican and former lobbyist and Congressional staff member, gave neither a reason for resigning nor her next destination.   President Bush nominated Ms. Sommers for the CFTC in 2007, and renominated her for a 2nd term that was to expire in 2014.

During her 5-year tenure at the agency, ...   Ms. Sommers worked on the Dodd-Frank Reform Act and often clashed with chairman Gary Gensler.  Nevertheless, Mr. Gensler had this to say about his colleague:  "Along with our fellow commissioners, Jill has worked to bring common-sense swaps market reforms to life and to safeguard the integrity of the futures market."

Ms. Sommers's largest role at the CFTC was tied to the MF Global inquiry - serving as Senior Commissioner, tasked with overseeing the agency's enforcement division as it investigated MF Global.  The Enforcement Division, led by David Meister, wil continue the investigation.  It's expected that Bart Chilton, a Democratic CFTC Commissioner, will succeed Ms. Sommers in the MF Global investigaiton.

Ms. Sommers's Washington career ...  began more than 20 years ago as an aide to then-Senator Robert Dole, Republican of Kansas and a candidate for the republican presidential nomination.  Since then, she has served as a lobbyist for the CME Group and for the International Swaps and Derivatives Association.

"As I prepare to leave the Commodity Futures Trading Commission I would like to acknowledge the hard work and dedication of my fellow commissioners and the many talented staff with whom I have had the pleasure of working for the past five years." -- Ms. Sommers.

For further details, go to [Dealbook, 1/24/13].