Release: #5118-05
For Release: September 23, 2005

General Counsel Patrick J. McCarty to Leave Commission

Commodity Futures Trading Commission (CFTC) Chairman Reuben Jeffery III announced today that CFTC General Counsel Patrick J. McCarty is stepping down as General Counsel October 1st and leaving the Commission by the end of the year.

“Mr. McCarty informed me several months ago of his strong desire to return to the private sector,” Chairman Jeffery said. “I want to commend Pat for his exemplary service to the Commission over the past three and one half years. I have asked Pat to stay on as Special Counsel to me through the end of the year and he has agreed. We have many important issues confronting the Commission on which Pat’s leadership and expertise are invaluable. He is an outstanding lawyer and individual,” Chairman Jeffery said.

As the CFTC’s General Counsel, Mr. McCarty, among other responsibilities, has been extensively involved in all legislative and legal matters affecting the CFTC. He has testified before Congress on hedge fund regulation and reauthorization of the Commodity Exchange Act. As General Counsel he spearheaded the implementation of the Commodity Futures Modernization Act of 2000, led the development of Anti-Money Laundering rules, routinely represented the Chairman at the President’s Working Group on Financial Markets and served as the CFTC representative to IOSCO’s standing Committee 5 on Investment Management.

In submitting his resignation, Mr. McCarty said, “Public service is an honor and a privilege. I am grateful to have had the opportunity to serve as the CFTC’s General Counsel. I have had the good fortune to work with an extraordinary group of colleagues during a time of historic growth in the futures industry.”

Prior to becoming General Counsel at the Commission, Mr. McCarty was General Counsel and Vice President for the Managed Funds Association. He holds a B.A. in Economics from the University of Virginia and a J.D. from Catholic University of America.

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