CFTC General Counsel Jonathan Marcus to leave agency
January 27, 2017
Commodity Futures Trading Commission General Counsel Jonathan Marcus will leave the agency, CTFC Acting Chairman J.Christopher Giancarlo announced today.
Robert Schwartz, currently the deputy general counsel for litigation and adjudication, will become the acting general counsel, Giancarlo added.
All three current commissioners praised Marcus in a news release.
"Jonathan is an accomplished lawyer, and I thank him for his expert legal advice during the time I have been a commissioner," Giancarlo said. "I wish Jonathan and his family the very best. While I am sorry to see Jonathan leave, I am pleased that Rob Schwartz has agreed to step in to the role in the interim period."
“The general counsel at the CFTC is a unique position since he or she works for each commissioner and at times may be called upon to take a variety of positions on the same issue. Jonathan has always filled this role honestly, fairly and intelligently. “ Sharon Bowen, commissioner
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Timothy Massad, the Obama administration appointee who served as chairman until President Donald Trump was inaugurated, said, "Jonathan has made immense contributions to the work of the CFTC. I was privileged to have him by my side as general counsel throughout my tenure as chairman. He always brought great knowledge of the law and good judgment to the task at hand. I wish him well in his future endeavors. I also congratulate Rob Schwartz on his appointment to the position of acting general counsel."
Sharon Bowen, also a Democratic appointee as commissioner, said, "The general counsel at the CFTC is a unique position since he or she works for each commissioner and at times may be called upon to take a variety of positions on the same issue. Jonathan has always filled this role honestly, fairly and intelligently. Since I became a commissioner, I have relied on his excellent work to guide me on many of the complex issues facing the commission. It has been a great pleasure working with Jonathan and I thank him for his service and wish him the best."
Marcus said, "I'm grateful to former Chairmen [Gary] Gensler and Massad, former Acting Chairman [Mark] Wetjen, and the other commissioners for giving me the opportunity in the wake of the financial crisis to help implement and defend the Commission's historic establishment of a regime for regulating the swaps market. I also count myself as fortunate to have been able to collaborate with exceptionally talented CFTC staff, especially my dedicated colleagues in OGC."
The CFTC noted in the release that Marcus "provided legal counsel to the commission on the implementation of the swaps market reforms contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act, including with respect to the commission's approach to cross-border regulation of the swaps market.
"During his tenure, Mr. Marcus provided advice to the commission and staff on a wide range of other matters, including CFTC reauthorization, responses to congressional and Inspector general investigations, enforcement issues, inter-agency agreements, administrative law and ethics."
The news release continued, "In 2013, Mr. Marcus won a crucial victory in the U.S. Court of Appeals for the District of Columbia Circuit, successfully defending the CFTC's approach to the consideration of costs and benefits under the Commodity Exchange Act. Under Mr. Marcus's supervision and leadership, the CFTC fended off other significant legal challenges, including to the CFTC's 2013 Cross-Border Interpretive Guidance and Policy Statement."
–The Hagstrom Report