Today, the Commodity Futures Trading Commission (CFTC) announced the resignation of Commissioner Walt Lukken, effective July 10, 2009. Lukken has served as Commissioner since August 2002 and served as Acting Chairman from June 2007 to January 2009.
Lukken said, “It has been an honor to serve as both Commissioner and Acting Chairman of the CFTC over the last seven years and particularly during this tumultuous and challenging period for our nation’s economy. I am proud of the Commission’s continuing work to bring greater transparency, enhanced enforcement and smarter oversight to our markets.”
During his tenure as Acting Chairman, the Commission improved the transparency and oversight of electronic energy derivatives markets by closing the “Enron Loophole,” published a first-time over-the-counter (OTC) swap dealers report with Commission recommendations, launched a national crude oil investigation, enhanced CFTC fraud powers over foreign currency scams, facilitated the clearing of credit default swaps, signed unprecedented cooperation agreements with the Securities and Exchange Commission (SEC) and Federal Reserve, received one of the most significant funding increases in the agency’s history, and ranked as one of the top ten places to work in the Federal Government.
“I want to thank my fellow Commissioners and the extraordinary CFTC staff for the privilege of serving with them. I leave without reservations, knowing that the Commission—under the leadership of Chairman Gary Gensler—and the dedicated CFTC staff will work tirelessly to protect the public from wrongdoing and uphold good and responsive government,” Lukken concluded.
Lukken is departing the CFTC to work for NYSE Euronext as Senior Vice President, Global Market Structure, in its Office of General Counsel.