When asked if he was disappointed he was not picked to serve as official chairman of the Commodity Futures Trading Commission, Acting Chairman Michael Dunn laughed and responded, "No."
Dunn is preparing for a changing of the guard at the commission, quick to point out that he is simply serving in the capacity of acting chairman until a new chairman is officially confirmed. In the meantime, he is looking to lay a foundation for new regulatory responsibilities Congress is likely to require of the agency.
At the Commodity Markets Council's annual meeting in unseasonably chilly Miami last week, Dunn outlined a series of initiatives the CFTC is taking or plans to take in order to help maintain order in the futures markets. These include reviewing previously granted hedge exemptions, revisiting potential fraud as a result of "rolling spot" contracts outside the commission's purview and increasing collaboration among sister agencies.
Dunn also asked that the CMC meeting participants feel free to provide feedback on the CFTC's new monthly report on marketers' positions in the futures markets and for two new industry advisory committees he hopes to create.
And he is seeking not just open lines of communication and constructive criticism from the industry he oversees, but also from his fellow commissioners. On his first meeting following his appointment to acting chairman, "I told them, 'Repeat after me: Mike, that is the dumbest idea I have ever heard!'" he said. "Now that you've just said that to the chairman, I want you to say that to me" whenever necessary, he told them.
Dunn says he hopes Gary Gensler, President Obama's pick to lead the agency, is confirmed quickly by the Senate, and he appears confident in Gensler's ability to ensure the CFTC remains on course as a strong market regulator. For his part, Dunn says after he leaves the commission, he plans to retire, stepping aside to allow the next generation of regulators to take the helm -- hopefully to sunnier times.
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