Jill E. Sommers

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Jill E. Sommers
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Occupation Chair of the Derivatives Practice Group
Employer Patomak Global Partners
Location Washington, D.C., USA
LinkedIn Profile

Jill E. Sommers is a former CFTC commissioner, legislative aide and exchange lobbyist. She is currently chair of the Derivatives Practice Group at Patomak Global Partners, LLC.[1]

She is also a member of the board of managers of Allston Holdings.[2]

Sommers served two consecutive terms as a CFTC Commissioner from 2007 to 2013. As a CFTC commissioner, Sommers chaired the CFTC Global Markets Advisory Committee. She resigned from the CFTC effective July 8, 2013.[3]

She joined the board of directors of FTX US Derivatives, a CFTC-regulated digital asset futures & options exchange, in September of 2022.[4]

Background[edit]

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.[5]

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.[6]

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).[7] 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[edit]

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.[8]


Education[edit]

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

Also See[edit]

CFTC commissioners

Speeches & Testimony[edit]

The CFTC keeps an online archive of all of her speeches as a commissioner.[9]

Resources[edit]

References[edit]

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