CFTC’s O’Malia to step down next month

Scott O’Malia, a Republican member of the Commodity Futures Trading Commission, announced plans Monday to step down from the position.

O’Mailia, who served has served more than four years on the CFTC, helped lead the agency at a time when its regulatory authority was expanded dramatically in response to the 2008 economic crisis, will depart on August 8, he said.

The former congressional staffer and aide to Sen. Mitch McConnell (R-Ky.) gave his notice directly to President Obama, citing his desire “to pursue other opportunities.”

Often a dissenter in the 63 rules approved by the agency in accordance with the Dodd-Frank Wall Street reform law, O’Mailia said he was nonetheless proud of his impact ob public policy – especially on issues involving technology.

“I am pleased to have to contributed to the policy deliberations to improve Commission rulemakings and encouraged the Commission to be mindful of negative policy outcomes,” he wrote to Obama.

O’Malia was confirmed to the post in 2009.

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