Roberts: Wetjen likely to be confirmed
July 21, 2011 | 07:04 PM | Filed in: Commodities Futures Trading Commission Personnel
Senate Agriculture Committee ranking member Pat Roberts, R-Kansas, signaled today that he believes that Mark Wetjen, President Barack Obama’s nominee for the Commodity Futures Trading Commission, will be confirmed even though a partisan battle over his nomination might be expected.
At a Senate Agriculture Committee hearing on the confirmation of Wetjen, an aide to Senate Majority Leader Harry Reid, D-Nev., Roberts said, “I’ve met with Mr. Wetjen. He’s a bright young man who, when confirmed, will have a difficult job ahead of him.” In making that statement, Roberts departed from his prepared statement, which said “if confirmed.”
Wetjen would succeed Mike Dunn, a commissioner whose term has expired.
Roberts noted that Commodity Futures Trading Commission Chairman Gary Gensler plans to finalize many rules to implement the Dodd-Frank financial services bill over the next few months and told Wetjen, “You’re going to be voting on final rules” that other commissioners will have had months to study.
Roberts asked Wetjen if he thought he should recuse himself on some of the rules, but Wetjen said, “I have been monitoring the commission for some time now. I will insist on taking whatever time I need.”
Senate Agriculture Committee Chairman Debbie Stabenow, D-Mich., said she would poll committee members on their views on Wetjen in the next few days and schedule a committee vote on sending his nomination to the Senate floor.
Stabenow signaled her support, saying, “As I told the White House, I expect a smart, thoughtful, independent voice at the commission in this position. And I believe Mr. Wetjen will be such a voice.”
In his opening statement, Wetjen emphasized his Iowa roots.
“I gained an early appreciation for agriculture while spending countless days and weekends on the Wetjen family farm near Williamsburg, Iowa,” he testified. “Much of the time was spent helping my grandfather as he did daily chores. And it was there, in my grandmother’s kitchen, where we listened to the morning market report on WMT radio, hearing the latest prices for the corn, soybeans and hogs my family produced.” He graduated from Creighton University and the University of Iowa College of Law and practiced law in Nevada and California before going to work for Reid.
In a letter of support for the nomination, the U.S. Chamber of Commerce, emphasized Wetjen’s legal experience in financial services and municipal finance and his work for Reid as an adviser on banking and finance.
Bruce Josten, executive vice president at the chamber said in a letter to Reid that the chamber does not expect any policymaker to share its perspective on every issue, but that the chamber “has provided the business community a fair hearing and thoughtful feedback” in Reid’s office and “will exercise that sort of probing and judicious intellect at the CFTC.”
Under questioning, Wetjen repeatedly promised to follow congressional intent in implementing the Dodd-Frank law rather than going beyond it.
Sen. Amy Klobuchar, D-Minn., noted she is particularly worried that agricultural co-ops will be classified as swaps dealers. Wetjen replied that “co-ops don’t strike most people as the type of entities that are going to pose risks to the financial system.”
Klobuchar also noted she is equally concerned about excessive speculation in the energy markets.
At a Senate Agriculture Committee hearing on the confirmation of Wetjen, an aide to Senate Majority Leader Harry Reid, D-Nev., Roberts said, “I’ve met with Mr. Wetjen. He’s a bright young man who, when confirmed, will have a difficult job ahead of him.” In making that statement, Roberts departed from his prepared statement, which said “if confirmed.”
Wetjen would succeed Mike Dunn, a commissioner whose term has expired.
Roberts noted that Commodity Futures Trading Commission Chairman Gary Gensler plans to finalize many rules to implement the Dodd-Frank financial services bill over the next few months and told Wetjen, “You’re going to be voting on final rules” that other commissioners will have had months to study.
Roberts asked Wetjen if he thought he should recuse himself on some of the rules, but Wetjen said, “I have been monitoring the commission for some time now. I will insist on taking whatever time I need.”
Senate Agriculture Committee Chairman Debbie Stabenow, D-Mich., said she would poll committee members on their views on Wetjen in the next few days and schedule a committee vote on sending his nomination to the Senate floor.
Stabenow signaled her support, saying, “As I told the White House, I expect a smart, thoughtful, independent voice at the commission in this position. And I believe Mr. Wetjen will be such a voice.”
In his opening statement, Wetjen emphasized his Iowa roots.
“I gained an early appreciation for agriculture while spending countless days and weekends on the Wetjen family farm near Williamsburg, Iowa,” he testified. “Much of the time was spent helping my grandfather as he did daily chores. And it was there, in my grandmother’s kitchen, where we listened to the morning market report on WMT radio, hearing the latest prices for the corn, soybeans and hogs my family produced.” He graduated from Creighton University and the University of Iowa College of Law and practiced law in Nevada and California before going to work for Reid.
In a letter of support for the nomination, the U.S. Chamber of Commerce, emphasized Wetjen’s legal experience in financial services and municipal finance and his work for Reid as an adviser on banking and finance.
Bruce Josten, executive vice president at the chamber said in a letter to Reid that the chamber does not expect any policymaker to share its perspective on every issue, but that the chamber “has provided the business community a fair hearing and thoughtful feedback” in Reid’s office and “will exercise that sort of probing and judicious intellect at the CFTC.”
Under questioning, Wetjen repeatedly promised to follow congressional intent in implementing the Dodd-Frank law rather than going beyond it.
Sen. Amy Klobuchar, D-Minn., noted she is particularly worried that agricultural co-ops will be classified as swaps dealers. Wetjen replied that “co-ops don’t strike most people as the type of entities that are going to pose risks to the financial system.”
Klobuchar also noted she is equally concerned about excessive speculation in the energy markets.
