Former Mississippian James E. (Jim) Newsome, the new head of the New York Mercantile Exchange, has relocated from Washington, D.C., to New York City.
The announcement of his appointment was made earlier this summer. Newsomes has been in transition to New York since the announcement, while also putting things in order for his successor as chairman of the Commodity Future Trading Commission (CFTC), a presidential appointment Newsome held since December 2001. His new position became fully effective on Aug. 2
Newsome has been a CFTC commissioner since August 1998. During his CFTC tenure, he served as chairman of the technology and the agricultural advisory committees.
In addition to his responsibilities at the CFTC, he serves as a member of the President Bush's Working Group on Financial Markets, along with the secretary of the treasury, the chairman of the Federal Reserve Board and the chairman of the Securities and Exchange Commission. More recently, Newsome served on the president's Corporate Fraud Task Force to coordinate corporate fraud investigations.
Exchange Chairman Mitchell Steinhause says, “Newsome led the CFTC through what many refer to as the most dynamic and challenging time in the agency's history. With a completely revamped law, the Commodity Futures Modernization Act of 2000, and an industry poised for major growth, Newsome guided the implementation of the law with a business-like attitude, and he received much of the credit for the results. During his tenure, the futures business has reached unprecedented volume levels and the commission has become highly regarded by industry leaders and policy makers in Washington.”
Newsome received his bachelor of science degree in food and resource economics from the University of Florida and his master's of science and doctorate of philosophy degrees from Mississippi State University. Newsome also served as executive director of the Mississippi Cattlemen's Association for several terms in the 1990s. He and his wife, Mei Mei, have two daughters, Molly and Riley.
Eva Ann Dorris is a freelance writer from Pontotoc, Miss. Contact her at [email protected] .