Democrat Mark Wetjen Stepping Down as CFTC Commissioner

Ryan Tracy | The Wall Street Journal

Mark Wetjen, a Democrat who often played the role of swing voter on the Commodity Futures Trading Commission, is stepping down.

Mr. Wetjen has been a member of the regulatory agency’s governing board since 2011, helping shape rules designed to bring more oversight to derivatives markets. He briefly served as the agency’s interim chairman in 2014.

CFTC Chairman Timothy Massad said Mr. Wetjen “consistently provided a thoughtful, informed perspective.” On key votes, Mr. Wetjen often found himself positioned between Republican members of the commission and Gary Gensler, the former chairman who pressed for aggressive new regulations.

Mr. Wetjen, who is 41 years old, issued a statement that didn’t give a reason for the resignation or announce his future plans. “I am confident the Commission will continue to ensure the derivatives markets remain open, transparent, competitive, and financially sound,” he said, adding that he informed President Barack Obama of his intentions earlier Friday.

Mr. Wetjen’s resignation, effective Aug. 28, will leave the CFTC with two vacancies on its five-member board. It isn’t clear who the White House will appoint to the posts.

Mr. Wetjen’s departure also will add to the Obama administration’s growing backlog of financial nominations. Close to a dozen nominees, including two Federal Reserve Board governor candidates, are currently stalled in the Senate Banking Committee. Moreover, Mr. Obama has yet to appoint people to fill several key slots, including two commissioners at the five-member Securities and Exchange Commission.

Read the full article in the Wall Street Journal here.