Scott D. O'Malia
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| Scott D. O'Malia | |
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| Occupation | CFTC commissioner |
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| Employer | Commodity Futures Trading Commission |
| Location | Washington D.C. |
Scott D. O'Malia serves as one of five commissioners at the Commodity Futures Trading Commission. He received Senate confirmation on Oct. 8, 2009 and will serve out a vacant term that ends in April 2010, plus a full five-year term that expires in April 2015.[1]
Background
O'Malia previously served as the staff director to the Senate Appropriations energy and water development, Committee on Appropriations where he focused on U.S. investment in clean energy technologies, including access to low-cost financing and driving technical innovation into the domestic energy sector.
From 2003 to 2004, O'Malia served on the Senate Energy and Resources Committee under chairman Pete Domenici (R-NM) as senior policy advisor on oil, coal and gas issues.
From 1992 to 2001, he served as senior legislative assistant to Sen. Mitch McConnell, (R-KY).
He also established the Washington office of Mirant Corp., where he worked from 2001 to 2003 as a lobbyist, focusing on rules and standards for corporate risk management and energy trading for wholesale power producers.
He was previously nominated to the CFTC by President George W. Bush, but his nomination was blocked by Sen. Maria Cantwell.[2] O'Malia's nomination was considered controversial by some in Congress because of his lobbyist work against regulation of the energy industry while at Mirant.[3]
O'Malia, according to Mother Jones, was registered to lobby for the repeal of the Public Utility Holding Company Act, a law that is directed at curbing speculation by energy, natural gas and water utilities. That legislation was eventually replaced by a weaker regulatory framework. Mother Jones also reported that O'Malia signed up to lobby against a bill that would have expanded CFTC oversight of energy derivatives while at Mirant.
In November 2009, O'Malia issued a dissenting view to CFTC Chairman Gary Gensler over new regulations for the over-the-counter derivatives market. O'Malia's written dissent argued that commercial companies that use OTC instruments such as swaps to hedge risk, should not be forced to trade their contracts on an exchange, or have their trades cleared at a clearinghouse.[4]
Education
O'Malia has a bachelor's degree from the University of Michigan.
Speeches & Statements
- Opening Statement of Commissioner Scott O’Malia, Agriculture Advisory Committee Meeting, Oct. 29, 2009
- FIA Clearing 2011: A Derivatives Forum - April 13, 2011
- Statement on the Fiscal Year 2011 Omnibus Appropriations - April 12, 2011
- Opening Statement, Thirteenth Series of Proposed Rulemakings Under the Dodd-Frank Act - 04/12/2011
- SEF Showcase: Current Technology & Market Direction” - 03/31/2011
- Concurring Statement, Commodity Futures Trading Commission Strategic Plan FY 2011-2015 - 03/01/2011
- Testimony before the House Committee on Agriculture - 02/10/2011
- Statement on Support of the Dodd-Frank Rulemaking of Chairman Gary Gensler - 01/20/2011
References
- ↑ Commissioner Scott D. O’Malia. CFTC.
- ↑ Obama to Nominate O'Malia to CFTC. The Wall Street Journal.
- ↑ Oil Speculators: Bullish on Ex-Lobbyist CFTC Nominee?. Mother Jones.
- ↑ CFTC's O'Malia:Some Swaps Shouldn't Be Cleared,Exchange-Traded. Dow Jones.
