* Wetjen could become key vote on five-member CFTC
* CFTC writing rules for $600 trillion swaps market
* Wetjen is senior advisor to Senate majority leader
(Adds Wetjen's background, views)
By Christopher Doering
WASHINGTON, Aug 2 (Reuters) - The U.S. Senate Agriculture
Committee approved on Tuesday and sent to the Senate for a
final vote the nomination of Mark Wetjen as a commissioner at
the U.S. futures regulator, where he would play a key role in
crafting dozens of new financial reform rules.
Wetjen's appointment comes at a crucial time for the U.S.
Commodity Futures Trading Commission, which is working to put
in place the Dodd-Frank law, enacted in July 2010, that gives
the agency oversight of the $600 trillion global swaps market.
Senate confirmation could be a difficult hurdle due to
Republican antipathy toward the CFTC's reforms and an
overheated political climate ahead of 2012's elections.
He would replace outgoing Commissioner Michael Dunn, a
Democrat known as an independent voice coveted by the CFTC's
remaining two Democratic and two Republican commissioners.
Wetjen, 37, appeared before the Agriculture Committee last
month. Senators appeared to support him but many questioned
whether he could immediately dive into the rule-making process
without having time to get up to speed first.
At the hearing, Wetjen told lawmakers that future rules
should avoid placing unnecessary costs on firms that use swaps,
and should minimize so-called unintended consequences that hurt
U.S. competitiveness or market liquidity.
Wetjen is counsel and senior policy adviser to Senate
Majority Leader Harry Reid. During the Dodd-Frank process, he
helped iron out differences between Senate committees and was
tasked with keeping Reid informed.
(Editing by Dale Hudson)
