CFTC chairman to leave for State Department

Reuben Jeffery, the chairman of the US Commodity Futures Trading Commission (CFTC), is expected to leave the futures regulator, after being nominated by US President George Bush as undersecretary of state for economic, energy and agricultural affairs yesterday.

Jeffery has been chairman of the CFTC since July 11 2005. His official term ended on April 13, but he can remain as chairman until his successor is appointed. Should he leave before then, an acting chairman will be chosen from the serving commissioners.

The CFTC declined to comment on a possible successor, or on when Jeffery will leave.

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