by Howard Haykin

Mr. Giancarlo sits atop the CFTC with just one other Commissioner – Sharon Bowen. And Ms. Bowen announced on Tuesday that she would depart as soon as another commissioner is confirmed. 

Nevertheless, CFTC Acting Chair Giancarlo was upbeat at his Senate confirmation hearing on Thursday, telling members ot the Senate Agriculture Committee that his priority was to "oversee robust enforcement of our rules and root out bad actors and wrongful practices," and that he will keep the heat on derivatives and commodities markets with tough policing. 

Giancarlo and Bowen have expressed their frustration at the situation:

• Ms. Bowen:  "Having just 2 commissioners makes routine business difficult, but makes important policy decisions almost impossible."
• Mr. Giancarlo:  “Without a full complement of commissioners to consider the far-reaching implications of our decisions, we are frozen in place while the markets we regulate are moving faster every day. This fact is intolerable to me."

For what it’s worth, the committee and the full Senate are expected to easily approve Mr. Giancarlo’s appointment as permanent CFTC Chair … whenever that can be squeezed into the Capital’s busy schedule.