By CONGRESSDAILY STAFF
The Senate Agriculture Committee late Monday unanimously approved President Obama's appointment of Gary Gensler as chairman of the Commodity Futures Trading Commission. The nomination now goes to the full Senate.
Senate Agriculture Chairman Tom Harkin, D-Iowa, had initially expressed concerns about Gensler's nomination because he had supported less regulation when he worked at the Treasury Department during the Clinton administration while the Commodity Futures Modernization Act of 2000 was in development. The law exempted derivatives from regulation.
At his confirmation hearing Gensler said he had come to believe that stronger regulation is needed.
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