President Obama received good news, for a change, as his pick for the CFTC was approved by a Senate committee.  Mark Wetjen, 37, a Congressional aide, now awaits confirmation from the full Senate, where his chances are uncertain, even though he's very popular on Capitol Hill, and was endorsed by the U.S. Chamber of Commerce - which fiercely opposes many new financial regulations.

Republican lawmakers, however, have vowed to hold up any confirmation in defiance of Dodd-Frank's broad mandate.  The law mandates the CFTC to write more than 50 new rules for the derivatives market, a leading cause of the financial crisis.  Republicans complain that the agency’s rules are convoluted and overly strict.

Background on Mark Wetjen.   Mr. Wetjen is familiar with Dodd-Frank because he helped write the law while serving as a top aide to Senate Majority Leader Harry Reid (D-NV).  Before joining Mr. Reid’s staff in 2004, Mr. Wetjen worked at a series of law firms.  Mr. Obama nominated him to be a CFTC commissioner in May.

Mr. Wetjen would replace Commissioner Michael Dunn, also a Democrat whose tenure expired in June.  Mr. Dunn is planning to stay on at the commission until his spot is filled.  The Commission is headed by Chairman Gary Gensler and 4 other commissioners - 2 are Republican, 3 are Democrats, including the Chairman.   [Dealbook, 8/2/11]