White House Plans to Nominate CFTC Commissioner Johnson for Treasury Position
The White House is reportedly set to nominate Kristin Johnson, a commissioner at the Commodity Futures Trading Commission (CFTC), to fill a top role at the US Treasury Department overseeing banks, according to a May 9 report by Bloomberg.
According to the report, Commissioner Johnson is endorsed to become the Assistant Secretary of the Treasury for Financial Institutions, with the announcement expected to be made public soon.
If confirmed, Johnson will lead financial policies on credit unions, insurance, and consumer protection. She will work closely with the Treasury Secretary and coordinate with federal regulators and banking agencies.
The Assistant Secretary of the Treasury for Financial Institutions role has been vacant since Graham Steele’s departure in January 2024.
So far, the news of a potential crossover for Johnson has sparked concerns regarding a conflict of interest in decision-making.
Congressman Don Meuser expressed his non-approval of the switch in an X post on May 10.
He argued that the commissioner’s imminent switch raises concerns about conflicting loyalties and interests for the official, which he believes could compromise the impartiality of the CFTC as an independent agency.
Unacceptable! @CFTC Commissioner Johnson's intended appointment to Treasury raises major concerns. Any rules she votes on at CFTC now pose a clear conflict of interest. How can we trust the integrity of our independent regulatory agencies with such blatant crossover?…
— Congressman Dan Meuser (@RepMeuser) May 10, 2024
Despite Meuser’s concerns, financial experts and observers are optimistic about Johnson’s confirmation, citing recent endorsements from influential figures such as Maxine Waters, the Congressional Black Caucus, and the top
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