The Commodity Futures Trading Commission (CFTC) announced on Monday that Joshua B. Sterling, Market Participants Division (MPD) Director at the CFTC since joining the agency in August 2019, will depart from his role by the end of January 2021.
In a statement on the CFTC website, CFTC Chairman and Chief Executive Heath P. Tarbert said: “Josh has been an integral member of my team since the first weeks of my term,”
“He leaves behind a legacy of significant accomplishments, all of which centered around the goal of establishing and implementing smart, effective, and practical oversight of the 3,300 derivatives intermediaries registered
with the CFTC. I am grateful for Josh’s service and his contributions to our historic rulemaking agenda.”
Mr. Sterling, a born-and-bred Ohioan has spent the entirety of his professional career practicing law in the financial services sector, most recently as a partner at Morgan, Lewis & Bockius LLP in Washington, D.C. He said of his departure: “Time and again, the Market Participants Division has delivered on its commitments under Chairman Tarbert’s strategic action plan. In doing so, the Division has helped the Commission fulfill its vision of being the global standard for sound derivatives regulation, and every member of our talented staff will forever have my gratitude and respect for the results we achieved together.”
“It has been the greatest honor of my professional career to serve the Commission and the American public, and I deeply appreciate Chairman Tarbert for allowing me the opportunity to do so. I also wish to thank the Commissioners, their staffs, and the staff of the entire agency for their support and cooperation over the past two years.”
Under Mr. Sterling’s stewardship, the Market Participants Division implemented the Dodd-Frank Act and helped lead the agency’s response to market developments resulting from the COVID-19 pandemic. MPD also expanded the Division’s mandate and completed 35 rule actions that were approved for public comment or finalization by the Commission.
MPD Deputy Director Amanda Olear will serve as the Division’s Acting Director upon Mr. Sterling’s departure next month
Chairman Tarbert said: “Amanda represents the very best of our career civil service—a safe pair of hands whose dedication and expertise is unmatched,”
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