CFTC names acting chairman

WASHINGTON, July 23 (UPI) -- The U.S. Commodity Futures Trading Commission Friday said Sharon Brown-Hruska has been named to serve as acting chairman of the agency.

Brown-Hruska, a commissioner, will succeed James E. Newsome, who has served as chairman since December 2001 and recently announced he is stepping down.

Brown-Hruska was designated by President Bush to serve as acting chairman effective Saturday, the CFTC said.

The White House also announced the intention to nominate her to a second term on the commission expiring in April 2009.

"I am humbled by the administration's confidence in selecting me to serve as acting chairman of the CFTC," Brown-Hruska said.

"I eagerly look forward to continuing the efforts of Chairman Newsome to implement successfully the provisions of the CFMA (Commodity Futures Modernization Act) and to maintaining the CFTC's reputation as a fair but firm overseer of U.S. futures markets and a champion in the development of futures markets around the world," she said.

Brown-Hruska was confirmed by the U.S. Senate in August 2002 as a CFTC commissioner.