Sharon Bowen to Be Obama Nominee to Follow Chilton at New CFTC

Dec 20, 2013 12:00 am ET

Dec. 20 (Bloomberg) -- Sharon Y. Bowen, a securities lawyer at Latham & Watkins LLP, will be nominated by President Barack Obama as a member of the Commodity Futures Trading Commission.

Bowen would assume the seat being vacated by Bart Chilton, a Democrat, according to a statement issued yesterday by the Obama administration. She must be confirmed by the Senate before joining the regulator. The agency was empowered by the 2010 Dodd-Frank Act to bring oversight of swaps traded by firms including Goldman Sachs Group Inc. and JPMorgan Chase & Co.

CFTC Chairman Gary Gensler will step down at the end of the year when his term expires. Timothy Massad, the Treasury Department official nominated to succeed Gensler, has yet to have a confirmation hearing in the Senate. Chilton, who had planned to depart by year-end, has said he may stay longer.

“I’ve been asked by several lawmakers to assist in the transition,” Chilton said earlier this month. “To the extent circumstances allow me to stick around, I’m pleased to do so.”

Bowen is a partner representing clients including corporations and buyout firms in the New York office of Latham & Watkins, according to a biography on the law firm’s website. She holds a legal degree from the Northwestern University School of Law in Chicago.

--Editors: Dan Reichl, David Scheer