Former PCAOB deputy chief economist Dr. Patrick J. Schorno has been named the CFTC’s chief economist, the agency’s Chairman Michael S. Selig announced on Monday.
Schorno will serve as economic adviser to the Commission, with a mandate covering cost-benefit analysis, economic research, and regulatory analysis. In practical terms, the chief economist helps build the economic record behind CFTC rulemaking.
Selig said Schorno’s expertise in financial regulation and experience in financial services made him “an excellent fit” for the role.
Schorno flagged cross-agency coordination as a priority.
“I would like to thank Chairman Selig for the opportunity to serve alongside the leadership team through rigorous, objective economic analysis that promotes confidence in U.S. derivatives markets, and to work closely with colleagues at the Securities and Exchange Commission on ongoing CFTC and SEC harmonization efforts,” Schorno said.
The two agencies signed a memorandum of understanding in March and launched a Joint Harmonization Initiative covering policymaking, examinations, and enforcement.
Before the PCAOB, Schorno was an executive director at Ally Financial and a financial economist at the Federal Reserve Bank of Richmond. He holds a Ph.D. in finance from the University of North Carolina at Charlotte.
