James E. Newsome was nominated by President George W. Bush to serve as Chairman of the Commodity Futures Trading Commission. He was confirmed by the U.S. Senate on December 20, 2001, to a term expiring in June 2006. Chairman Newsome has served as a Commissioner of the CFTC since August 10, 1998.
The Commodity Futures Trading Commission regulates U.S. commodity futures and options markets, which include the trading of futures and options on both agricultural and non-agricultural physical commodities such as grains, livestock, metals, and energy, as well as those on financial products such as Treasury instruments, foreign currencies, and stock market indices. These markets provide producers and users of commodities with the ability to discover prices and manage risks. The CFTC is responsible for preserving the integrity of the futures and options markets and protecting market participants from fraud, manipulation, and abusive trade practices. During his CFTC tenure, Chairman Newsome has served as Chairman of both the Technology and the Agricultural Advisory Committee’s.
In addition to his responsibilities at the CFTC, Chairman Newsome, along with the Secretary of the Treasury, the Chairman of the Federal Reserve Board, and the Chairman of the Securities and Exchange Commission, serves as a member of the President’s Working Group on Financial Markets. The Working Group serves to facilitate coordination of policies and actions of various government agencies in response to significant new developments and emergencies in financial markets. More recently, Chairman Newsome was appointed to serve on the President’s Corporate Fraud Task Force to coordinate corporate fraud investigations.
Prior to joining the CFTC, Chairman Newsome served as Executive Vice-President of the Mississippi Cattlemen’s Association, and as Chairman of the Mississippi Agribusiness Council, an organization devoted to the development of domestic and international agribusiness opportunities.
A native of Plant City, Florida, Chairman Newsome received his B.S. degree in Food and Resource Economics from the University of Florida and his M.S. and Ph.D. degrees in Animal Science/Agricultural Economics from Mississippi State University. He is married to the former Mary Margaret Pomeroy of Carmel Valley, California and they have two daughters, Molly and Riley.