Bad news for the banks. Good news for the public.

 COMMODITY FUTURES TRADING COMMISSION, Washington DC.

Commissioner Jill Sommers Announces her Resignation

01/24/2013 03:02 PM EST

Appointed by President Bush in 2007, Sommers previous job was chief lobbyist for the International Swaps and Derivatives Association, and is the poster child for “First, Do Nothing” in regulatory reform in the financial industry. As Commissioner, she opposed implementation of any regulation that might impact the ability of the four large swap dealers who account for 94% of swap contracts: JP Morgan/Chase, Bank of America, Citigroup, Goldman Sachs.

Watch the news. Best guess is she will land on her feet–in a plush office with a major bank.

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