The White House plans to nominate a director for the Commodity Futures Trading Commission. Kristin Johnson has been promoted to a top position at the U.S. Treasury, Bloomberg reported Thursday.
The Democratic CFTC commissioner was promoted to the position of assistant secretary for financial institutions last week after receiving an endorsement from Maxine Waters (D-Calif.), a Democrat on the House Financial Services Committee.
Prime Minister Johnson’s nomination announcement is expected to be made public soon. bloomberg The report quoted people who spoke on condition of anonymity to talk about the topic. Johnson did not immediately respond to The Block’s request for comment.
The Treasury Department’s Office of Financial Institutions helps shape policy focused on cybersecurity, and the Assistant Secretary oversees a policy portfolio that includes banks, credit unions, insurance, and consumer protection.
The position was previously held by Graham Steele, who left in January, according to multiple news reports. In a speech earlier that month, Steele said urge US lawmakers develop standards to regulate cryptocurrencies.
Last week, Watersent letter President Joe Biden pressured him to nominate Johnson, a Democrat, to be Assistant Secretary of the Treasury for Financial Institutions.
Waters said Johnson brings expertise to the committee on a variety of topics, from data privacy to AI and digital assets.
“As CFTC Commissioner, Commissioner Johnson has made maintaining the integrity of our financial markets a top priority,” Waters said. “She has pressured the Commission to adopt stringent capital, collateral and margin standards. Commissioner Johnson will also lead the CFTC’s artificial intelligence (AI) work and ensure the Commission carefully considers whether existing regulations are fit for purpose or whether new regulations are in place.” We encourage evaluation.”
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