The U.S. derivatives regulator is strengthening its economic policy function with a new leadership appointment at a time when regulatory analysis remains central to market oversight. Patrick J. Schorno is set to advise the Commission on economic analysis, regulatory cost-benefit reviews, and research tied to the agency’s mission.
Highlights
- Patrick J. Schorno appointed as CFTC chief economist to provide rigorous, transparent economic analysis supporting the agency's oversight of U.S. derivatives markets.
- Schorno will coordinate with the SEC on CFTC-SEC harmonization initiatives, potentially influencing regulatory policy alignment across financial markets.
- His prior roles include deputy chief economist at the PCAOB, executive director at Ally Financial, and financial economist at the Federal Reserve Bank of Richmond.
Appointment expands economic oversight role
As announced by the Commodity Futures Trading Commission, Chairman Michael S. Selig says Schorno will serve as the agency’s chief economist and support the Commission with rigorous and transparent economic analysis. Selig says Schorno’s background in financial regulation and the financial services industry makes him well suited to help the agency advance clear economic work in support of its mandate.Schorno says he is honored to join the CFTC and plans to contribute objective economic analysis that promotes confidence in U.S. derivatives markets. He also says he will work closely with colleagues at the Securities and Exchange Commission on ongoing CFTC and SEC harmonization efforts.
Background in regulation and finance
Before joining the CFTC, Schorno serves as deputy chief economist at the Public Company Accounting Oversight Board. Earlier in his career, he works as an executive director at Ally Financial and as a financial economist at the Federal Reserve Bank of Richmond.His academic research appears in publications including the Journal of Banking & Finance, Journal of Financial Intermediation, and Journal of Corporate Finance. Schorno holds a Ph.D. in finance from the University of North Carolina at Charlotte, an M.S. in analytical finance from Lehigh University, and a B.S. in finance from Bentley University.
In our earlier article on the U.S. shift away from decades of cheap capital, we outlined why several structural forces are likely to keep Treasury yields higher for longer. We noted that reindustrialisation, geopolitical tensions, shifting global capital flows and AI-driven resource demand could sustain inflation pressures and challenge expectations that U.S. borrowing costs will quickly return to past lows.
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