Rostyn Benham was sworn in as the 15th Chairman of the CFTC on January 4, 2022, following unanimous confirmation from the US. President Biden appointed Chairman Benham to lead the agency. Contents:
Who is Rostin Benham?
Previously, Chairman Benham served as commissioner of the CFTC since September 2017. The members of the Commission elected Commissioner Benham as Acting Chairman effective 21 January 2021. Since joining the CFTC, the Chairman, individually and as sponsor of the CFTC Market Risk Advisory Committee (MRAC), has advocated for the CFTC to use its authority and expertise to ensure that derivatives markets operate transparently and fairly for members and clients. And also, responsibly innovate to meet the challenge of emerging market structures and products.
Benham led the creation of a subcommittee on climate-related market risks to study the impact of climate on the financial system. One of his first acts since leading the commission was to create the first-ever Climate Risk Unit (CRU) to support the agency's mission. It focused on the role of financial derivatives in the transition to a low-carbon economy. The CRU, made up of staff from the CFTC's operating divisions and offices, represents the agency's next step in response to what has become a global call to action to combat climate change.
Rostin's career ladder
After graduating from university, Behnam returned to his home state of New Jersey and joined the Bureau of Securities at the State Attorney General's Office. After working for the Bureau, he practiced law in New York. Chairman Behnam's primary duties included advising Senator Stabenov on the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and related matters, affecting the Treasury Department and the Securities and Exchange Commission. After graduating from Georgetown University, Chairman Behnam worked as a stock trader in New York City before earning his doctorate in law from Syracuse University. During his legal studies, he interned at the CFTC Law Enforcement Division.
Description of CFTC
The mission of the CFTC (Commodity Futures Trading Commission) - to promote the integrity, soundness and dynamism of the US derivatives markets through sound regulation. The commission consists of five commissioners, appointed by the president with the advice and consent of the Senate to serve in a staggered manner for a five-year term. The president, with the consent of the Senate, appoints one of the commissioners as chairman. No more than three commissioners can be from the same political party at the same time. In the absence of a Senate-approved chair, the Commission will vote to elect one of the current commissioners as acting chair. Rostin Benham is among the commissioners.
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