Commodity Futures Trading Commission

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Commodity Futures Trading Commission
Founded 1974
Headquarters Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581

Image: 180 pixels

Products Federal commodity derivatives regulator
Key People Rostin Behnam, Acting Chairman
Twitter @cftc
youtube CFTC
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LinkedIn Profile
Web site

The mission of the Commodity Futures Trading Commission (CFTC) is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and options markets.[1]

Rostin Behnam was sworn in as the CFTC’s 15th chairman on January 4, 2022 after being unanimously confirmed by the U.S. Senate. He was previously acting chairman, starting on January 21, 2021. He was preceded by Heath Tarbert who was the chairman of the CFTC starting in July 2019.


Congress created the CFTC with the Commodity Futures Trading Commission Act of 1974 as an independent agency with the mandate to regulate commodity futures and options markets in the United States. (Before that time, futures markets were regulated by the Commodity Exchange Authority (CEA), a division of the U.S. Department of Agriculture). The CFTC's mandate has been renewed and expanded several times since 1974, most recently by the Commodity Futures Modernization Act of 2000 (CFMA).[2] In May of 2008, the U.S. Congress reauthorized the CFTC through the Fiscal Year 2013. On July 21, 2010, U.S. President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which expanded the CFTC's jurisdiction and authorities.

William T. Bagley, a lawyer, was appointed by President Gerald Ford as the first chairman of the Commodity Futures Trading Commission, serving from 1975-1978. As keynote speaker at a press dinner on the Chicago Board of Trade's trading floor early in his chairmanship, he established one of the CFTC's oversight goals by telling the crowd something along the lines of that if there was anything "Mickey Mouse" going on in the industry, he would cut off Mickey's ears.

Today, the CFTC assures the economic utility of the futures markets by encouraging their competitiveness and efficiency, ensuring their integrity, protecting market participants against manipulation, abusive trading practices, and fraud, and ensuring the financial integrity of the clearing process.

The CFTC introduced a new fintech initiative in May 2017 called LabCFTC. On December 15, 2017 the CFTC launched a virtual currency resource Web page,, as a repository for commission-produced resources about virtual currency (aka cryptocurrency).[3]

Image: 450 pixels

Regulatory Agreement with the European Commission[edit]

The CFTC and the European Commission in February 2016 announced a "common approach" to clearinghouse requirements that would pave the way for European regulators to grant equivalence to U.S. clearinghouses. The agreement would allow European CCPs to do business in the U.S. more easily and U.S. CCPs to continue to provide services to EU companies.[4] The deal will also result in millions of dollars of savings daily in the amount of collateral derivatives dealers are required to post.

The European Commission will propose the adoption of an equivalence decision, which will need to be approved by the Member States of the European Union. That vote is expected on Feb. 24. The Commission expects that U.S. CCPs will be recognized by June 21, the date when the mandatory clearing obligation for interest rate swaps starts to take effect.[5]

The agreement is the culmination of three years of sometimes bitter talks over common standards for the global derivatives markets mandated by world leaders after the 2008 financial crisis.[6]

How the CFTC Is Organized[edit]

The Commission consists of five CFTC commissioners appointed by the president, and approved by the Senate, to serve staggered five-year terms. The president, with the consent of the Senate, designates one of the commissioners to serve as CFTC chairman. No more than three commissioners at any one time may be from the same political party.

The CFTC chairman's staff has direct responsibility for providing information about the Commission to the public and interacting with other governmental agencies and the Congress, and for the preparation and dissemination of Commission documents. The chairman's staff also ensures that the Commission is responsive to requests filed under the Freedom of Information Act. The chairman's staff includes the Office of the Inspector General, which conducts audits of CFTC programs and operations, and the Office of International Affairs, which is the focal point for the Commission's global regulatory coordination efforts.

The chairman's staff is also responsible for liaison with the public, the Congress, and the media. The Office of External Affairs (OEA) is the Commission's liaison with the domestic and foreign news media, producer and market user groups, educational and academic groups and institutions, and the general public. OEA provides timely and relevant information about the Commission's regulatory mandate, the economic role of the futures markets, new market instruments, market regulation, enforcement actions, and customer protection initiatives, actions, and issues. OEA also provides assistance to members of the media and the general public accessing the CFTC's Internet Web site. The Commission serves in an advisory capacity to the Alliance for Investor Education.

The CFTC monitors markets and market participants closely by maintaining, in addition to its headquarters in Washington, offices in New York, Chicago, and Kansas City.

CFTC Budget & Enforcement Results[edit]

CFTC Annual budget[edit]

  • 2018: $249 million
  • 2017: $250 million[7]
  • 2016: $250 million[8]
  • 2015: $250 million[9]
  • 2014: $215 million
  • 2013: $215 million[10]
  • 2012: $205.2 million[11]
  • 2011: $169 million[12]
  • 2010: $168.8 million[13]
  • 2009: $146 million[14]
  • 2008: $111 million

Total monetary sanctions for fiscal year[edit]

  • 2020: $1.3 billion[15]
  • 2019: $1.3 billion[16]
  • 2018: $950 million[17]
  • 2017: $413 million[18]
  • 2016: $1.29 billion[19]
  • 2015: $3.14 billion[20]
  • 2014: $3.27 billion[21]

Major Operating Units[edit]

Division of Clearing and Risk (DCR) The functions of the Division of Clearing and Intermediary Oversight include oversight of derivatives clearing organizations, financial integrity of registrants, customer fund protection, stock-index margin, registration and fitness of intermediaries, sales practice reviews, National Futures Association activities related to intermediaries, and foreign market access by intermediaries.

Division of Market Oversight (DMO) The Division of Market Oversight has regulatory responsibility for initial recognition and continuing oversight of trade execution facilities, including new registered futures exchanges and derivatives transaction execution facilities. The regulatory functions of the Division include, among other things, market surveillance, trade practice reviews and investigations, rule enforcement reviews, review of product-related and market-related rule amendments, and associated product and market-related studies.

Market Participants Division The Market Participants Division oversees the registration and compliance of intermediaries and futures industry self-regulatory organizations (SRO's) including U.S. derivatives exchanges and the National Futures Association (NFA). Under Dodd-Frank, DSIO also will be responsible for developing and monitoring compliance with regulations addressing registration, capital adequacy and margin requirements for swap dealers and major swap participants.

Division of Enforcement (DOE) The Division of Enforcement investigates and prosecutes alleged violations of the Commodity Exchange Act and CFTC regulations. Violations may involve commodity futures or option trading on domestic commodity exchanges, or the improper marketing of commodity investments. The Division may, at the direction of the Commission, file complaints before the agency's administrative law judges or in the U.S. District Courts. Alleged criminal violations of the Commodity Exchange Act or violations of other Federal laws which involve commodity futures trading may be referred to the Justice Department for prosecution. The Division also provides expert help and technical assistance with case development and trials to U.S. Attorneys’ Offices, other Federal and state regulators and international authorities.

Division of Data

Legal Division The Legal Division is the Commission's legal advisor. OGC staff represents the Commission in appellate litigation and certain trial-level cases, including bankruptcy proceedings which involve futures industry professionals. As the Commission’s legal advisor, the Legal Division reviews all substantive regulatory, legislative, and administrative matters presented to it and advises the Commission on the application and interpretation of the Commodity Exchange Act and other administrative statutes. OGC also assists the Commission in performing its adjudicatory functions.

Division of Administration The Office of the Executive Director (OED) formulates and implements the management and administrative policies and functions of the agency. OED staff formulate the agency's budget, supervise the allocation and use of agency resources, promote management controls and financial integrity, and develop and maintain the agency's automated information systems. The Office of Proceedings, which is under the administrative direction of OED, provides an inexpensive and expeditious forum for handling customer complaints against people or firms registered with the National Futures Association (NFA) through its reparations program. The Office of Proceedings also hears and decides enforcement cases brought by the Commission.

Office of Chief Economist (OCE) The Office of the Chief Economist is an independent office with responsibility for providing expert economic advice to the Commission. Its functions include policy analysis, economic research, expert testimony, education and training.

Office of International Affairs The CFTC created an Office of International Affairs on July 23, 1997. The agency said the office would help it keep abreast of global changes in the derivatives industry and continue to take a leading role in international initiatives.

Climate Risk Unit (CRU) While not a formal office, the CFTC announced the establishment of a Climate Risk Unit on March 17, 2021. Staffed by members of CFTC’s operating divisions and offices, the unit was formed to respond to climate change issues. In particular, CRU focuses on the role of derivatives in understanding, pricing and addressing climate-related risk and a transition to a low-carbon economy. [22]


The CFTC regularly issues various weekly, monthly or annual reports,[23] including Commitments of Traders reports[24], Cotton On-Call[25], Bank Participation in the Futures and Options Markets[26], and Financial Data of FCMs [27] and others.

CFTC Cautions and Advisories[edit]

- CFTC Customer Advisory Cautions the Public to Beware of Artificial Intelligence Scams: The Commodity Futures Trading Commission's Office of Customer Education and Outreach today issued a customer advisory warning the public about Artificial Intelligence (AI) scams. [28]

Bitcoin and ether derivatives[edit]

In September 2018, a federal judge ruled that all virtual currencies fall under the legal definitions for "commodities," and thus fall within the jurisdiction of the CFTC. The CFTC used this ruling to begin pursuing legal action against Crater and My Big Coin Pay Inc., two cryptocurrency companies accused of fraud.[29][30] In February 2019 My Big Coin Pay's founder, Randall Crater, was indicted in the U.S. district court in the Middle District of Florida with four counts of wire fraud and three counts of unlawful monetary transactions. According to the charges, Crater misappropriated $6 million worth of funds, promising investors that the service could be readily exchanged for goods and services, including cash and other cryptocurrencies.[31]

Although treating bitcoin as a commodity for the purpose of trading regulation has been helpful to the CFTC, other factors not strictly related to cryptocurrency hampered its efforts. In Commodity Futures Trading Commission v. Monex Credit Co. , C.D. Cal., No. 8:17-cv-01868-JVS-DFM, a case involving accusations against precious metals dealer Monex for off-exchange fraud, the CFTC suffered a significant blow to its authority. In that case, Judge James Selna held that the Dodd-Frank Act amendments to the Commodity Exchange Act required the presence of both fraud and manipulation for a case to be brought by the CFTC. In the Monex Credit case, there were no allegations of manipulation. Several of the cases brought by the CFTC regarding cryptocurrencies included no apparent element of market manipulation by the defendants.[32] The CFTC announced on July 26, 2019, that the ninth circuit had ruled in favor of the Commission against Monex, holding that the CFTC did not need to allege manipulation in order to bring charges of fraud in the case.[33]


In September 2014 the CFTC permitted TeraExchange, a SEF, to certify to the commission that its bitcoin swap complied with the requirements of the Commodity Exchange Act, a statement which implied that bitcoin is a commodity under the CFTC's authority.[34] That December, Chairman Tim Massad stated his view during Congressional testimony that bitcoin was a commodity and acknowledged that the CFTC defined the term "commodity" broadly.[35] In 2015 the CFTC had settled a complaint against a company called Coinflip for providing, during 2014, a marketplace called Derivbit, which listed bitcoin options without being registered as a swap execution facility - the only permissible venue for commodity options trading.[36] The CFTC settled its case against Bitfinex, wherein the CFTC accused Bitfinex of trading off-exchange Bitcoin futures and failing to register as a futures commission merchant, in June 2016.[37] The view that bitcoin can be regulated as a commodity received support on March 6, 2018 when U.S. District Judge Jack Weinstein ordered that the CFTC could sue Patrick McDonnell and his company, CabbageTech, for fraud under the Commodity Exchange Act. CabbageTech solicited funds from investors for providing cryptocurrency advisory services, which the CFTC alleged were never forthcoming. [38]


In December, the CFTC published an official, 60-day Request for Information (RFI) to the public whose purpose was to "seek public comment and feedback in order to better inform the commission's understanding of the technology, mechanics, and markets for virtual currencies beyond bitcoin, namely Ether and its use in the Ethereum Network." The RFI specified that information gathered through the RFI would be considered in future efforts to provide oversight and regulation to the digital asset markets. It also gave three methods members of the public could use to deliver their comments to the commission, including a mailing address and a link to its public comments website.[39][40]

On October 10, 2019, ahead of any official statements or pertinent actions by the CFTC, Tarbert told the Yahoo! Finance All Markets Summit, "It is my view as chairman of the CFTC that Ether is a commodity.” He said that the CFTC was working with the U.S. Securities and Exchange Commission on bitcoin and they both agreed that neither are securities. He also told the audience that the CFTC was ready to approve Ether futures.[41] Later that month, Tarbert said at DC Fintech Week that a security can turn into a commodity, and vice versa.[42] Despite his earlier statements about Ether being a commodity, Tarbert told CoinDesk’s November 2020 Invest: NYC conference the CFTC and the Securities and Exchange Commission (SEC) were both “thinking carefully” about the upcoming Ethereum 2.0 upgrade which will replace the coin’s current proof-of-work (PoW) model.[43]

Without any public action by the CFTC, on May 11, 2020 ErisX, a DCM, announced that it was immediately commencing trading in physically deliverable Ether futures contracts. They are the first Ether derivatives contracts to be listed on a regulated U.S. DCM or SEF.[44] The exchange's Ether contracts, one of which is priced in U.S. dollars per Ether and the other of which is priced in bitcoin, call for delivery of one Ether. Contracts are listed for monthly and quarterly settlements.[45] The minimum block size for the Ether contracts is 50 contracts.[46]

Digital asset derivatives[edit]

TeraExchange, which applied to the CFTC for registration as a swap execution facility, was permitted to certify its bitcoin swap contract and list if for trading. TeraExchange was registered permanently on May 26, 2016.[47] North American Derivatives Exchange (or NADEX), a DCM, certified bitcoin swaps for trading on its platform in November of 2014.[48] In August 2015, the CFTC accepted applications from LedgerX to be registered as both a swap execution facility in order to trade bitcoin options and a derivatives clearing organization in order to clear bitcoin options. LedgerX was registered for both trading and clearing physically delivered bitcoin swaps in July 2017.[49] LedgerX reported that the first trades of bitcoin swaps occurred on October 16, 2017, when 31 day-ahead swaps changed hands.[50][51]

The Cboe Futures Exchange and the CME Group began offering cash-settled futures contracts that they had previously certified with the agency on December 1 and December 17, 2017, respectively.[52][53] The launching of these futures contracts was controversial with the futures commission merchant community, which complained publicly in a December 2017 letter from the Futures Industry Association.[54] The CFTC's staff responded in June 2018 with a notice to exchanges and clearinghouses seeking to certify new cryptocurrency products that they need to be aware of concerns about market surveillance and financial integrity when they certify contracts.[55]

In March 2019, CFTC commissioner Dan Berkovitz told the cryptocurrency-focused news network Blocktv that the CFTC was "working diligently with all the applicants [of crypto-related companies] to process their applications and get their products on the market." Berkovitz explicitly said that these efforts included working out approval for Bakkt, Intercontinental Exchange's bitcoin-based payment platform.[56]

In October 2020, the CFTC's Division of Swap Dealer and Intermediary Oversight published an advisory to futures commission merchants (FCMs) about holding virtual currencies in segregated accounts, as well as designing risk management programs.[57][58]

Interpretive guidance for "actual delivery"[edit]

On March 24, 2020, the CFTC published a statement offering guidance surrounding the interpretation of rules regarding actual delivery for retail digital asset transactions. The statement specified the nature of custody for both buyers and sellers of a digital asset, including conditions in which the transaction involved financial instruments like derivatives, as well as buying on margin/using leverage.[59][60]

Education initiatives[edit]

The CFTC has undertaken efforts to educate market participants and potential market participants about the specific risks associated with dealing in cryptocurrencies in general and bitcoin specifically. The CFTC provides a website that lists resources that the CFTC has made available to the public. The web page provides brief descriptions of and hyperlinks to a variety of materials including podcasts, customer advisories, primers/backgrounders and brochures.

In July 2018, the CFTC issued a customer advisory to those considering buying digital currency. The document cited the high rate of failure and fraud among new ICOs and the volatility of digital currency prices. It also urged potential consumers to take responsibility for knowing the laws, function, and promises made by those selling them.

Central Bank Digital Currencies[edit]

In July 2020, the CFTC's Technology Advisory Committee (TAC) conducted a meeting to discuss virtual currency and central bank digital currencies (CBDCs). Chris Brummer, Georgetown Law Center professor and faculty director of the Institute of International Economic Law, gave a presentation on central bank digital currencies that included how they could theoretically work and could potentially be issued. He pointed out the rising popularity of stablecoins (which are not the same as CBDCs) and the potential benefits of adopting a "digital dollar," including improved cross-border transactions.[61][62]

Cryptocurrency enforcement actions[edit]


On March 5, 2021 the CFTC announced that in its first manipulation case involving digital assets it had charged John McAfee and Jimmy Gale Watson, Jr., McAfee's bodyguard, with engaging in digital asset "pump-and-dumps" involving Verge (XVG), Dogecoin (DOGE), and Reddcoin (RDD). The agency said that the U.S. Attorney’s Office for the Southern District of New York had obtained an indictment of McAfee and Watson on charges of conspiracy to commit fraud, wire fraud, wire fraud conspiracy, conspiracy to commit securities touting fraud, and money laundering.

The CFTC said that the two defendants had accumulated positions in purposefully selected digital assets which McAfee would promote ("pump") in social media channels. After the price had risen they would then sell ("dump") the assets at prices they helped inflate. [63]

McAfee, who was a fugitive at the time, had been arrested in Spain on October 5, 2020 on five counts of tax evasion and five counts of failure to file a tax return. The criminal charges were brought by the Tax Division of the U.S. Department of Justice. They were filed earlier that year on June 15 and sealed pending arrest.[64] The case was filed in the Western District of Tennessee.[65]

The same day the federal criminal charges were announced, the SEC charged McAfee with failing to disclose that he was paid for his promotions of several ICOs which he highlighted in his Twitter feed. According to the agency, McAfee was paid in cryptocurrencies worth more than $23 million. He was also charged with "scalping" digital asset securities. Scalping is the practice of accumulating securities and then promoting them at the same time as the scalper sells them off in the market.[66]

The October 2020 SEC case against the two was ongoing at the time of the CFTC's complaint.

BitMEX actions[edit]

On October 1, 2020 both the CFTC and the U.S. Department of Justice (DOJ) announced charges against HDR Holdings and its subsidiaries and affiliates which together operate BitMEX, as well as HDR's owner founders, Arthur Hayes, Ben Delo, and Samuel Reed. In its civil complaint, the CFTC accused the defendants of operating an unregistered derivatives trading platform that solicited business from and conducted business with U.S. residents. The CFTC also alleged that BitMEX did not comply with U.S. anti-money laundering requirements.[67] In its indictment that was unsealed the same day, the DOJ charged HDR Holdings, its subsidiaries and affiliates, the three owner founders of HDR, and Gregory Dwyer, the head of business development, with violating and conspiring to violate the Bank Secrecy Act by not implementing an anti-money laundering program.[68] Reed, the CTO, was taken into custody in Massachusetts by federal law enforcement on October 1, 2020, while the other executives remained "at large" in the DOJ's terminology.[69] A week later, BitMEX announced that it had made changes to its leadership, which included Arthur Hayes stepping down as CEO.[70]

In March 2021, a court filing revealed that Hayes had discussed surrendering to U.S. authorities on April 6, 2021; the court filing was tweeted about on Wednesday, March 3 by Pavel Pogodin, a representative for the plaintiffs in civil proceedings against BitMEX and its founders.[71] Hayes, who resides in Singapore, was in the process of discussing arrangements that would allow him to remain living abroad and travel to Hawaii to appear remotely in New York for court appearances, eventually appearing in New York personally, according to a court transcript of Jessica Greenwood, assistant U.S. attorney in Manhattan.[72][73]

$6.5 million Coinbase penalty[edit]

The CFTC announced on March 19, 2021 that it had settled charges against Coinbase, the most popular U.S. cryptocurrency trading platform, stemming from activities dating as far back as 2015. The CFTC alleged and the company agreed that it had engaged in " . . . reckless false, misleading, or inaccurate reporting as well as wash trading by a former employee on Coinbase’s GDAX platform."[74] Coinbase's proposed listing of its shares on Nasdaq was pending at the time of the announcement.


See also CFTC Commissioners

Terms of Service - Current and Former Commissioners[edit]

Commissioner Term Available Dates of Service
William T. Bagley, (Chairman 04/15/75 – 11/15/78) 04/15/75 – 04/15/80 04/15/75 – 11/15/78
Read P. Dunn, Jr. 04/15/80 – 04/15/85 04/15/80 – 11/13/81*
Susan M. Phillips, (Acting Chairman 05/28/83 – 11/16/83), (Chairman 11/17/83 – 07/24/87) 04/15/80 – 04/15/85, 04/15/85 – 04/15/90 11/16/81 – 07/24/87
Wendy L. Gramm, (Chairman 02/22/88 – 01/22/93) 04/15/85 – 04/15/90, 04/15/90 – 04/15/95 02/22/88 – 01/22/93
Sheila C. Bair 04/15/90 – 04/15/95 10/05/94 – 06/16/95*
David D. Spears, (Acting Chairman 06/02/99 – 08/10/99) 04/15/95 – 04/15/00 09/03/96 – 12/20/01
Walter L. Lukken, (Acting Chairman 6/27/07- 01/20/09) 04/15/00 – 04/15/05, 04/15/05 – 04/15/10 08/07/02 – 07/10/09
Scott D. O’Malia 04/15/05 – 04/15/10, 04/15/10 – 04/15/15 10/19/09 - 08/08/14
Commissioner Term Available Dates of Service
Gary L. Seevers, (Acting Chairman 12/06/78 – 05/03/79) 04/15/75 – 04/15/79 04/15/75 – 06/01/79
Phillip McBride Johnson, (Chairman 06/08/81 – 05/01/83) 04/15/79 – 04/15/84 06/06/81 – 05/01/83
Robert R. Davis 04/15/84 – 04/15/89 10/03/84 – 04/30/90
Sheila C. Bair, (Acting Chairman 08/21/93 – 12/21/93) 04/15/89 – 04/15/94 05/02/91 – 10/04/94*
Mary L. Schapiro, (Chairman 10/13/94 – 01/26/96) 04/15/94 – 04/15/99 10/13/94 – 01/26/96
Brooksley E. Born, (Chairperson 08/26/96 – 06/01/99) 04/15/94 – 04/15/99 08/26/96 – 06/01/99
William J. Rainer, (Chairman 08/11/99 – 01/19/01) 04/15/99 – 04/13/04 08/11/99 – 01/19/01
Sharon Brown-Hruska, (Acting Chairman 08/24/04 – 07/10/05) 04/13/99 – 04/13/04, 04/13/04 – 04/13/09 08/07/02 – 07/28/06
Jill E. Sommers 04/13/04 – 04/13/09, 04/13/09 – 04/13/14 08/08/07 - 07/08/13
Commissioner Term Available Dates of Service
Read P. Dunn, Jr. 04/15/75 – 04/15/78 04/15/75 – 04/15/80*
James M. Stone, (Chairman 05/04/79 – 06/08/81) 04/15/78 – 04/15/83 05/04/79 – 01/31/83
William E. Seale 04/15/83 – 04/15/88 11/16/83 – 09/01/88
William P. Albrecht, (Acting Chairman 01/22/93 – 08/20/93) 04/15/88 – 04/15/93 11/22/88 – 08/20/93
John E. Tull, Jr., (Acting Chairman 01/27/96 – 08/25/96) 04/15/93 – 04/15/98 11/24/93 – 02/27/99
Thomas J. Erickson 04/15/98 – 04/13/03 06/21/99 – 12/01/02
Frederick W. Hatfield 04/13/03 – 04/13/08 12/06/04 – 12/31/06
Bart Chilton 04/13/03 – 04/13/08, 04/13/08 – 04/13/13 08/08/07 - 03/21/14
Commissioner Term Available Dates of Service
John V. Rainbolt, II 04/15/75 – 04/15/77 04/15/75 – 05/18/78
David G. Gartner 04/15/77 – 04/15/82 05/19/78 – 10/05/82
Fowler C. West 04/15/82 – 04/15/87, 04/15/87 – 04/15/92 10/06/82 – 01/20/93
Barbara P. Holum, (Acting Chairman 12/22/93 – 10/07/94) 04/15/92 – 04/13/97, 04/13/97 – 04/13/02, 04/13/02 – 04/13/07 11/28/93 – 12/09/03
Reuben Jeffery III, (Chairman 07/11/05 – 6/27/07) 04/13/02 – 04/13/07 07/11/05 – 06/27/07
Gary Gensler, (Chairman 05/26/09 - ) 04/13/07 – 04/13/12 05/26/09 - 01/3/14
Commissioner Term Available Dates of Service
Robert L. Martin 06/19/75 – 06/19/76, 06/19/76 – 06/19/81 06/20/75 – 08/31/81
Kalo A. Hineman, (Acting Chairman 07/27/87 – 02/22/88) 06/19/81 – 06/19/86, 06/19/86 – 06/19/91 01/12/82 – 06/19/91
Joseph B. Dial 06/19/91 – 06/19/96 06/20/91 – 11/13/97
James E. Newsome, (Acting Chairman 01/20/01 – 12/27/01), (Chairman 12/27/01 – 07/23/04) 06/19/96 – 06/19/01, 06/19/01 – 06/19/06 08/10/98 – 07/23/04
Michael V. Dunn, (Acting Chairman 01/20/09 – 05/26/09) 06/19/01 – 06/19/06, 06/19/06 – 06/19/11 12/06/04 – 10/24/11
Mark P. Wetjen 06/19/11 – 06/19/16 10/25/11

∗ Held two separate terms of office.


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