CFTC Will Join Other Agencies on Biden’s Competition Council
(Bloomberg) -- The Commodity Futures Trading Commission will join President Joe Biden’s competition council, which will hold its debut meeting on Friday, said a White House official familiar with the plans.
The council, established to curb corporate consolidation that Biden says raises prices for consumers, includes eight cabinet secretaries and chairs of six independent agencies, according to other officials familiar with the plan.
The council is led by National Economic Council Director Brian Deese, and attendees will speak about steps their agencies have taken to lower consumer costs, the officials said. The Security and Exchange Commission will participate in the council, and SEC Chairman Gary Gensler will speak and discuss ways that competition can help investors, the officials said.
The CFTC, a derivatives regulator, has five members that are appointed by the president. Dan Berkovitz, a Democratic member, announced this week that he would be leaving the panel next month.
Berkovitz’s exit will leave the CFTC with only two members. Rostin Behnam, another Democrat on the panel, is expected to be Biden’s choice to lead the commission. Dawn Stump, a Republican commissioner, is remaining in her seat.
The president announced the creation of the competition council and an accompanying executive order in July and described himself as a “proud capitalist,” but added a warning.
“Capitalism without competition isn’t capitalism; it’s exploitation,” he said. “Without healthy competition, big players can change and charge whatever they want and treat you however they want. And for too many Americans, that means accepting a bad deal for things that you can’t go without.”
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