Scott O'Malia is to resign from Commodity Futures Trading Commission after serving as a leading critic of the agency's post-financial crisis regulatory drive. O'Malia, a Republican, has served four years on the Democrat-majority panel whose authority over U.S. financial derivatives markets grew substantially under the Dodd-Frank financial reform law passed in 2010. In a letter to President Barack Obama, O'Malia said he was proud of the contribution he had made to advance the agency's technology agenda and his input into the Dodd-Frank rulemaking process. "While at the Commission, I was able to engage in the extensive deliberations on the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Although I did not support all 63 rules that the commission has implemented under the Dodd-Frank Act; I am pleased to have contributed to the policy deliberations to improve commission rulemakings and encouraged the commission to be mindful of negative policy outcomes,"
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