In the recent reports, Heath Tarbert has confirmed that he will be stepping down from his position as the Chair of CFTC. The US derivatives’ head has confirmed that he will be leaving the post as the chair vacant at the start of the year 2021.
Heath Tarbert had taken up the role of the commissioner and chair of the US Commodities Futures Trading Commission (CFTC) back in July 2019. After almost one and a half years of being the commissioner and chair at CFTC, Tarbert will be resigning from his position as soon as Joe Biden holds control of the White House.
When Heath Tarbert took charge as the Chair and Commissioner of the CFTC, it was confirmed that he will in charge until 2024. However, following the results of the 2020 presidential elections, Tarbert will be resigning from his post from January 20, 2020, once Biden comes in as the New President.
In his departure speech, Heath Tarbert addressed the entire American nation. He stated that it was a great honor for him to have served the people of the United States as the 14th chief executive and chairman at CFTC. He also thanked his fellow workers at CFTC for being very cooperative and understanding in his 17-month tenure at CFTC.
Tarbert stated that he is also very sad that he has to leave the position as the commission and the chief executive of CFTC. Prior to being a key player in the CFTC administration, Heath Tarbert had also served as the US committee’s policy chair on foreign investments in the US. He acted as the committee’s chair for almost two years before moving to the CFTC.
He also worked at the World Bank Group for a year as US executive director. In addition to the World Bank, he was also a member of the special counsel for the US Senate Committee on Urban Affairs, Housing, and Banking.
Adding to this departure speech, Tarbert stated that working at CFTC when the pandemic hit the entire country was one of the most learning experiences for him. That was the time when had so much to learn from the pandemic as to how they had to handle the pressure and had to keep the trades running.
He stated that throughout his tenure as the commissioner and chief executive at CFTC, he had the opportunity to present 21 new proposals and 40 final rules.
In response to Tarbert’s address, the CFTC members also thanked him for his dedication and contribution towards the agency’s growth and success. The agency stated that throughout the pandemic, Tarbert was constantly working with FIA members and ensured that the trading markets remained functioning and liquid.