Just when it looked as though the Commodity Futures Trading Commission was going to have some stability, another commissioner has announced his departure. On Monday afternoon, Commissioner Scott O’Malia notified President Barack Obama of his resignation, effective Aug. 8, 2014. 

In the letter, O’Malia, a Republican, called his time on the Commission an “honor and privilege,” and referenced his role in Dodd-Frank Act rulemaking. “Although I did not support all 63 rules that the [CFTC] has implemented under Dodd-Frank, 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.”

O’Malia added that he was proud of the contributions he made as chairman of the CFTC’s Technology Advisory Committee, which provided an opportunity to focus attention on “critical issues” surrounding automated trading and risk controls. “I have also advocated for transforming the Commission into a 21st Century regulator, by utilizing automated systems to identify threats posed by the concentration of risk and to perform the critical market surveillance duties,” he said. “Futures markets have undergone a significant transformation in the past decade with electronic trading and the use of computer algorithms. It is time for the Commission to fully integrate technology into our mission.”

O’Malia’s departure comes as the CFTC has enjoyed a full contingent of commissioners for the first time in months. In June, after ongoing delays, the Senate confirmed all three of President Barack Obama's nominees.

Timothy Massad, picked to replace former chairman Gary Gensler, is a former Treasury Department official.  Sharon Bowen, a Democrat, is currently a partner in the New York office of Latham & Watkins and serves as acting chair of the board of directors for the Securities Investor Protection Corporation. J. Christopher Giancarlo, a Republican, is a manager at GFI Group and former chairman of the Wholesale Market Brokers' Association Americas.

O’Malia didn’t specify any future plans in the letter.