Bart Chilton (202) 418-5060 

Commissioner (202) 418-5620 Facsimile 

 bchilton@cftc.gov 

U.S. Commodity Futures Trading Commission

Three Lafayette Centre,1155 21st Street, NW, Washington, DC 20581 

www.cftc.gov

NEWS RELEASE 

Regulators Readying for Climate Change 

Agency Anticipating Largest Commodity Markets

Washington, DC – Government isn’t known for getting ahead of the curve—for being 

nimble or quick, but in Washington today, before a single vote has been cast on Capitol 

Hill, government regulators are readying themselves for what could be the largest 

commodity markets in the world ($2 trillion within five years) if legislation becomes law 

later this year. “Climate change legislation and the ability of government regulators to 

ensure that these markets operate free from fraud, abuse and manipulation will be keys 

to our success in alleviating the ill effects of global warming,” said CFTC Commissioner 

Bart Chilton. The Commodity Futures Trading Commission, or CFTC, has regulated 

environmental futures markets since the mid-1990s, including the successful oversight 

of Acid Rain Markets. Carbon trading will be the next big challenge. 

U.S. Representative Henry Waxman (D-CA), the Chair of the U.S. House Energy and 

Commerce Committee says that he expects his committee to pass legislation in this 

regard by Memorial Day and that the Congress could approve the new law before the 

end of the year. President Obama, who recently met to with Waxman and members of 

the committee, has been a staunch advocate for climate change legislation and 

describes it as one of his key priorities. In light of what may come to pass, Chilton in 

addition to his role as Commissioner, Chairs a newly expanded panel called the Energy 

and Environmental Markets Advisory Committee (EEMAC). The EEMAC, Chilton says, 

will help prepare the government for carbon trading. 

The EEMAC membership, which was released today, includes an impressive list of 

professionals that will help guide the agency. The panel’s membership includes 11 

recently appointed members: Elizabeth Moler, Executive Vice President of Exelon 

Corporation and former Department of Energy Deputy Secretary and Chair of the 

Federal Energy Regulatory Commission (FERC); Eileen Claussen, President of the Pew 

Center on Global Climate Change; Harvard Professor Robert Stavins; Seth Goldman, 

President of Honest Tea and Board Member of the Calvert Foundation; Jonathan 

Schrag, Executive Director of the Regional Greenhouse Gas Initiative Inc.; Gary Gero, 
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President of the California Climate Action Registry; Heike Eckert, the Executive Vice 

President of Eurex; Holly Koeppel, Executive Vice President and Chief Financial Officer 

of American Electric Power; Jack D. Cogen, Chairman of the International Emissions 

Trading Association; Tyson Slocum, Energy Program Director for Public Citizen; and 

Dominick Chirichella, a Partner at the Energy Management Institute. 

Previously appointed members of the panel include: Dr. Richard Sandor, Chairman and 

CEO of the Chicago Climate Exchange, often referred to as the “father of financial 

futures,” and Dr. James Newsome, Director, CME Group and former CFTC Chairman, 

Jeffrey Sprecher, Laura Campbell, Skip Horvath, Sean Cota, Robert Pickel, Paul Cicio, 

Bob Anderson, William McCoy, Donald Casturo, Ron Oppenheimer, Kevin Fox, Anthony 

Mansfield, Brian Kelly, Michael Prokop, and John Shelk. 

“This is a distinguished group that will help the agency as we prepare for what could be 

the most important commodity market ever,” Chilton said. “I know it is sort of rare for 

government to do a lot of work before a new law is even passed, but carbon markets 

are too important for us not to get right,” Chilton said, “We need to be ready on day one 

to put these markets on a solid path to success.” The CFTC has a longstanding history 

of federal regulation of derivatives trading—from monitoring exchange activity and 

ensuring financial responsibility to carrying out disciplinary and enforcement actions.