By Daniel Kobialka
Dan M. Berkovitz, general counsel for the Commodity Futures Trading Commission (CFTC), announced his retirement last week. The New York Times reports that the news broke admist the commission’s recent legal crackdown on Wall Street.
During his time with the CFTC, Berkovitz defended the agency against an onslaught of lawsuits from Wall Street firms whose profits were hurt under the new rules. In addition, he helped the agency manage derivatives trading rules in the aftermath of the financial crisis.
Berkovitz acknowledged that the agency’s recent strategies have helped the commission expand its reach over the past few years.
“The commission’s initiatives in [several] areas have made our financial and commodity markets more transparent, more accountable and safer for the American public,” Berkovitz said.
CFTC chairman Gary Gensler noted that Berkovitz provided numerous contributions to the agency.
“Capping off 30 years of public service, [Berkovitz] has so much to be proud of, foremost his leadership and counsel to the administration, Congress and this commission on swaps market reform that is now benefiting the public,” Gensler said. “The public and this agency are losing a remarkable general counsel.”
Berkovitz will continue as the CFTC’s general counsel until the end of the month. Meanwhile, Reuters notes that CFTC officials are evaluating the gold market currently to see if the setting of prices is transparent.