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BRIEFLY

Securities

August 21, 1993|From Times Staff and Wire Reports

Acting CFTC Chairman Resigns: William P. Albrecht, interim head of the commission regulating the nation's futures markets, quit after a stormy seven-month tenure, leaving the agency's five-member board with three vacancies. Albrecht became acting chairman of the Commodity Futures Trading Commission in January. He will be replaced by Sheila C. Bair, one of two remaining commissioners. The commission regulates a spectrum of financial products tied to securities ranging from pork bellies to U.S. Treasury bills, but has been accused of laxity by Democrats. Albrecht, a Democrat, was appointed to the commission by then-President Ronald Reagan in 1988.

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