Oversight of commodity markets falls under the jurisdiction of the Commodity Futures Trading Commission, which today has four of five commissions unfilled. The Senate Agriculture Committee held a nomination hearing for the four nominees – two Republicans and two Democrats – to get the financial watchdog back to its full capacity.

The Senate Agriculture Committee held the nomination hearings for a historic line-up of four women: Christy Goldsmith Romero, Kristin Johnson, Summer Mersinger and Caroline Pham to serve as commissioners of the Commodity Futures Trading Commission.

“The CFTC has gone far too long without its full complement of commissioners,” says Senate Agriculture Committee Chairwoman Debbie Stabenow, D-Mich., in her opening remarks. “It is critical that we confirm these nominees without delay. The invasion of Ukraine has led to price volatility in wheat and other agricultural markets. And there are reports that U.S. efforts to limit Russia’s access to capital may be undermined by the use of unregulated crypto markets.”

The nominees have broad support from agricultural groups, including the National Grain and Feed Association and National Council of Farmer Cooperatives, who sent a letter to the Senate Ag Committee leaders endorsing the candidates ahead of the hearing.

“Individually, we believe each nominee is well qualified to serve on the Commission,” the letter notes. “As a group, their various strengths and experiences would serve the CFTC well as it addresses a new era of developing issues, while carrying out the CFTC’s mission to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.”

The Senate confirmed Rostin Behnam to serve as CFTC chairman in December 2021. Commissioner Dawn Stump announced in December she would not seek another five-year appointment when her current term ends in April 2022. The remaining seats of the five-member CFTC panel are vacant. “Therefore, we respectfully request the Senate confirm the nominees as soon as is practical to ensure a fully functional commission moving forward,” the ag groups note. 

Goldsmith Romero is the special inspector general for the Office of the Special Inspector General for the Troubled Asset Relief Program. She previously served in various roles at SIGTARP and at the U.S. Securities and Exchange Commission. She has served as an adjunct professor of law at Georgetown University Law Center and University of Virginia Law School.

Johnson is currently a law professor at Emory University. She also served as associate dean and law professor at Tulane University Law School and practiced law in New York advising domestic and international clients on diverse financial transactions.  

Mersinger has served at the CFTC for the last two years, first as director of legislative and intergovernmental affairs, and currently as chief of staff to Commissioner Stump. She spent 15 years working on Capitol Hill, including for Sen. John Thune, R-S.D. She most recently served as the CFTC’s Agricultural Advisory Committee Designated Federal Officer.  

Pham is a managing director at Citi where she has held various senior roles, including as a global head of compliance and deputy head of global regulatory affairs. She also served in several public sector roles, including as special counsel and policy advisor to former CFTC Commissioner Scott O’Malia. 

When asked how the CFTC can help farmers, Mersinger says it is important to remember the CFTC started in farmer commodity markets to ensure farmers and ranchers have adequate price discovery.

“We should never get away from that and be engaged in those stakeholders to ensure they continue,” Mersinger says. In addition, she notes CFTC’s Office of Education and Outreach could better engage with farmers and ranchers to better understand how these markets might be helpful.

In his opening remarks, Senate Agriculture Committee ranking member John Boozman, R-Ark., says like any agency, he believes “the CFTC functions best when it is fully operational and with a full slate of commissioners. I am glad we can hold this hearing today, and I look forward to getting you all in place soon, so that we can ensure the markets you regulate continue to operate effectively, and in a fair and transparent manner.”

Stabenow says she’ll be working to move the nominations forward as quickly as possible.