Philip McBride Johnson examines the tough path that CFTC chair Gary Gensler is treading.
Here is a guy, raising kids on his own, who went from a
secure job at Treasury (though perhaps not as secure as his
previous remit at Goldman Sachs) to chair the Commodity Futures
Trading Commission under conditions that might make George
Washington recant his cherry tree confession.
He confronted the Dodd-Frank Act, a piece of legislation that
is of biblical size (and cost). Then came along the MF Global
collapse, run by his former Goldman colleague (if such exists
on Wall Street), Jon Corzine. What to do?
Cautiously, Chairman Gensler recused himself and appointed
Commissioner Jill Sommers, a jewel in the federal crown, to
take leadership for the CFTC on the MF Global crisis.
Notwithstanding, weak cries emerged in isolated congressional
circles that he should resign as CFTC chair. There is little to
explain for this except, perhaps, that Gary took his job and
the agency's reputation too seriously.
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