CFTC Commissioner Brian D. Quintenz will step down Aug. 31.
Mr. Quintenz, a Republican who has been a part of the Commodity Futures Trading Commission since August 2017, made the announcement Thursday.
In April 2020, Mr. Quintenz said he would not seek renomination to another five-year term and anticipated stepping down by either October 2020 or once a replacement had been confirmed. And although a replacement is not yet in place, Mr. Quintenz, whose term expired last year and is eligible to remain in office through the end of 2021, said in a statement Thursday that "it is time for me to pursue new challenges and opportunities." He did not specify what those new challenges and opportunities were but added, "I look forward to returning to the private sector for the next chapter of my career."
Prior to joining the CFTC, Mr. Quintenz was founder, managing principal and chief investment officer of Saeculum Capital Management.
He was originally nominated to the CFTC post in 2016 by President Barack Obama and approved by the Senate Agriculture Committee, but that nomination was never voted on by the 114th Congress. President Donald Trump nominated him again in May 2017 and he received Senate confirmation that summer.
"I am incredibly proud to have played a role in promoting the integrity of the U.S. financial system through advocating for freedom and innovation and helping develop sound, risk-focused regulation so that U.S. financial markets, especially the risk-hedging derivatives markets, remain the most liquid, dynamic, accessible, robust and resilient in the world," Mr. Quintenz said in the statement. "The proof of that resiliency is evident in the derivative markets' performance in the face of unprecedented volatility, margin calls, and trading volume in the spring of 2020 due to the COVID-19 crisis and economic shutdown."
With Mr. Quintenz's departure, Democrats will have a 2-1 majority on the five-member CFTC board.