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New Jersey Native Nominated to take the Helm of the Commodity Futures Trading Commission

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March 16,2017

the staff of the Ridgewood blog

Washington DC, President Donald Trump this week nominated New Jersey native J. Christopher Giancarlo to serve as chairman of the Commodity Futures Trading Commission .The commission regulates the derivatives market, a part of Wall Street that has been criticized for helping spur the financial crisis of 2008.

Giancarlo, who grew up in north Jersey and lives in Haworth in Bergen County, has served as a commissioner on the board since 2014 an acting commissioner since January.

Giancarlo was born in Jersey City, New Jersey. He attended Skidmore College in Saratoga Springs, New York where he graduated Phi Beta Kappa with Government Department Honors.  Mr. Giancarlo received his law degree from the Vanderbilt University School of Law where he was an associate research editor at the Vanderbilt Journal of Transnational Law and President of the Law School’s International Law Society. Mr. Giancarlo has been a member of the Bar of the State of New York since 1985

He was nominated by President Obama on August 1, 2013 and confirmed by unanimous consent of the U.S. Senate on June 3, 2014.  On June 16, 2014, he was sworn in as a CFTC Commissioner for a term expiring in April 2019.  Mr. Giancarlo was designated per seriatim as Acting Chairman of the Commission on January 20, 2017.

Before entering public service, Mr. Giancarlo served as the Executive Vice President of GFI Group Inc., a financial services firm. Prior to joining GFI, Mr. Giancarlo was Executive Vice President and U.S. Legal Counsel of Fenics Software and was a corporate partner in the New York law firm of Brown Raysman Millstein Felder & Steiner. Mr. Giancarlo joined Brown Raysman from Giancarlo & Gleiberman, a law practice founded by Mr. Giancarlo in 1992 following his return from several years in London with the international law firm of Curtis, Mallet-Prevost, Colt & Mosle.

Mr. Giancarlo was also a founding Co-Editor-in-Chief of eSecurities, Trading and Regulation on the Internet (Leader Publications).  In addition, Mr. Giancarlo has testified three times before Congress regarding the implementation of the Dodd-Frank Act, and has written and spoken extensively on public policy, legal and other matters involving technology and the financial markets.

Fresh on the heels of being nominated by the White House Tuesday to be Chairman of the US Commodity Futures Trading Commission, J. Christopher Giancarlo spelled out plans to reorganize the agency and “right-size” its regulatory footprint.

“The overly prescriptive regulation of American derivative markets is a part and parcel of the over-regulation of the US economy that thwarts revival of American prosperity,” he said in a speech prepared for delivery at the International Futures Industry conference in Boca Raton, Florida, Wednesday.

To carry out one of President Donald Trump’s executive orders of regulatory reform, Giancarlo announced the launch of an agency-wide review of CFTC regulations and practices “to make them simpler, less burdensome and less costly,” and said the CFTC will seek public comment on that effort.

The regulatory reform initiative, dubbed Project KISS for “Keep It Simple Stupid” will be led by Mike Gill, Giancarlo’s chief of staff, who will serve as the “regulatory reform officer.”