Interim Chair Pham Calls for CFTC to Focus on Fundamentals
The Acting Chairman of the Commodity Futures Trading Commission (CFTC), Caroline D. Pham, expressed gratitude for being given the opportunity by President Trump to lead the CFTC during a significant time in its history. She emphasized the organization’s essential mission to uphold market integrity and liquidity in commodity derivatives markets, crucial for the real economy and global trade. The CFTC, serving for 50 years, aims to empower American growers, producers, merchants, and other commercial users to manage risks effectively, bolstering U.S. economic growth. As the CFTC commemorates its 50th anniversary, Pham highlighted the importance of refocusing and changing course under new leadership to meet its statutory obligation of nurturing responsible innovation and equitable competition in rapidly evolving markets.
The Acting Chairman expressed honor in collaborating with the committed CFTC staff and extended gratitude to former Chairman Behnam and her fellow Commissioners for their dedication to service. Caroline D. Pham, appointed as a CFTC Commissioner on April 14, 2022, has a wealth of experience in strategy, innovation, derivatives, and capital markets. Her focus lies on ensuring market access, enhancing American competitiveness, and tailoring regulations to enhance market liquidity and efficiency. With a background in fixed income trading and over a decade in crypto and digital assets, Pham’s tenure has been marked by a forward-thinking approach, recognized by her advocacy for a U.S. regulatory sandbox via the CFTC digital asset markets pilot program.
As the chair of the CFTC’s Global Markets Advisory Committee, Pham has presented 14 recommendations spanning various market domains such as U.S. Treasury market reforms, collateral management, exchange controls, and a foundational U.S. digital asset taxonomy. Her holistic involvement in international financial bodies and extensive experience in navigating financial crises positions Pham as a seasoned leader adept at handling transformative changes in regulatory landscapes.
In her previous role at Citigroup, Pham was instrumental in designing and implementing global programs for regulatory compliance, particularly following the enactment of the Dodd-Frank Act. Her expertise spans multiple asset classes, and she has led initiatives across G10 rates, FX, credit, equities, and more. Drawing on her background as Special Counsel and Policy Advisor to former CFTC Commissioner Scott O’Malia, Pham has a broad understanding of the regulatory realm.
Acting Chairman Pham’s track record in driving transformative changes and delivering value to firms and clients underscores her commitment to steering the CFTC in fulfilling its regulatory obligations effectively. Her vast experience in public and private sectors, coupled with her international engagements, signals a robust approach towards fortifying market integrity, promoting innovation, and fostering fair competition as the CFTC embarks on a new chapter under her leadership.
