The White House has nominated Brian Quintenz, founder of Saeculum Capital Management, to be a commissioner of the Commodity Futures Trading Commission (CTFC) for a term expiring April 13, 2020.
Quintenz was originally nominated by President Obama last year, but his confirmation was not voted on before Congress ended its session for the year. And earlier this year, President Trump had formally withdrawn Quintenz’s nomination before re-nominating him late last week. He would fill the seat vacated by Scott O’Malia.
“Should I be confirmed, I pledge to ensure the market concerns of the agricultural sector are recognized and to continue developing a firsthand knowledge of the agricultural community,” Quintenz said before the Senate Agriculture Committee when nominated in 2016. “Transparency increases market efficiency and can provide important checks on risky behavior. The Commission’s focus on data and transparency is encouraging, but more progress is needed.”
In his testimony, Quintenz indicated that he was in favor of restrained regulation. He noted that the financial crisis of 2008 “exposed deep flaws in our markets” and deserved a legislative and a regulatory response. However, he added that “regulations meant to address those flaws should not spill over to harm the normal activity of ordinary businesses. When costs are added without targeting risk, poor outcomes ensue. When standardized rules treat low-risk behavior and high-risk behavior equally, risk is encouraged instead of reduced.”
Quintenz was the founder of Saeculum Capital Management in 2013, and before that he was a consultant with Rose International, and was a senior associate at Hill-Townsend Capital. Quintenz served in the office of US Representative Deborah Pryce from 2001 to 2007, first as a staff assistant, then rising to the level of senior policy advisor. He received a B.S. from Duke University, and an M.B.A. from Georgetown University’s McDonough School of Business.
“Saeculum is an investment firm currently registered with the CFTC as a Commodity Pool Operator. As the sole proprietor of the firm, it is my responsibility to effectively and meticulously manage risk as well as compliance,” Quintenz told the Senate Agriculture Committee. “I am, therefore, very familiar with the CFTC’s investor protection rules, disclosure requirements, and recordkeeping obligations,” he said, adding that “I will work to ensure that regulations and their burdens are tied to the risks being mitigated.”
CFTC has a total of five commissioners, and there are currently three vacancies.