Jill E. Sommers

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Jill E. Sommers
JillSommers.JPG
Occupation Consultant
Location Washington, D.C., USA
LinkedIn Profile

Jill E. Sommers is a former CFTC commissioner, legislative aide and exchange lobbyist. She is currently a senior advisor at Patomak Global Partners, LLC.

She is also a member of the board of managers of Allston Holdings.[1]

As a CFTC Commissioner, Sommers chaired the CFTC Global Markets Advisory Committee. She resigned from the CFTC effective July 8, 2013.[2]

Background

Jill Sommers was sworn in as a CFTC commissioner in August 2007. Her first term expired in mid-April of 2009. President Barack Obama nominated Sommers for a second term in late July of 2009.[3]

In 2011, Sommers was named senior commissioner to oversee the CFTC's enforcement division during its investigation of MF Global. She received the job after Gary Gensler recused himself due to his past association with MF Global head Jon Corzine. Because her resignation occurred before the conclusion of the investigation, a new candidate is to take over and assume Sommers' role.[4]

She has worked in the commodity futures and options industry in a variety of capacities throughout her career. In 2005, Sommers was the policy director and head of government affairs for the International Swaps and Derivatives Association, where she worked on a number of over-the-counter derivatives issues.

In February 2008, she was appointed chairman and designated federal official of the CFTC's Global Markets Advisory Committee (GMAC).[5] The GMAC studies the competitive and regulatory issues facing U.S. markets and U.S. firms engaged in providing financial services around the world.

She previously worked for Chicago Mercantile Exchange, where her responsibilities included overseeing regulatory and legislative affairs for the exchange and working closely with congressional staff drafting the Commodity Futures Modernization Act of 2000.

Sommers launched her career in Washington in 1991 (through 1995) as an intern for Senator Robert J. Dole (R-KS). She later served as a legislative aide for two consulting firms specializing in agricultural issues, Clark & Muldoon, P.C., and Taggart and Associates.

John Lothian News Interviews

Jill Sommers Reflects on the CFTC, Dodd-Frank, and Her Future
Jill Sommers, Commissioner of the Commodity Futures Trading Commission (CFTC), is stepping down after the first quarter of this year. Sommers spoke with JLN editor-in-chief Jim Kharouf about the progress of Dodd-Frank, position limits, and what the future holds for the CFTC after her resignation.

Sommers discussed how the CFTC has changed over the last five years — including their increased budget and staff, moving from principles-based to rules-based rulemaking and their greatly increased public profile.

She also reflected on the Dodd-Frank rulemaking process, saying she wished the CFTC had defined swap-related terms first and delayed compliance with any rules until the rulemaking process was completed. Published Mar. 11, 2013.[6]


Education

Sommers holds a Bachelor of Arts degree from the University of Kansas.

Also See

CFTC commissioners

Speeches & Testimony

The CFTC keeps an online archive of all of her speeches as a commissioner.[7]

Resources

References

  1. Allston appoints former CFTC Commissioner Jill Sommers to Board. Automated Trader.
  2. Sommers Will Leave CFTC July 8 After Leading Review of MF Global. Bloomberg.
  3. Obama Nominates Jill Sommers to Additional CFTC Term (Update1). Bloomberg.
  4. Commissioner Overseeing MF Global Inquiry at C.F.T.C. Abruptly Quits. The New York Times.
  5. "Jill E. Sommers Appointed to Chair CFTC’s Global Markets Advisory Committee”. CFTC.
  6. Jill Sommers Reflects on the CFTC, Dodd-Frank, and Her Future. John Lothian News.
  7. Jill Sommers Speeches & Testimony. U.S. Commodity Futures Trading Commission.