Ferc chief Wellinghoff to step down
Chairman who presided over more aggressive stance on power market manipulation to step down, agency says
US Federal Energy Regulatory Commission (Ferc) chairman Jon Wellinghoff, who presided over a major build-up of the commission's enforcement unit and oversaw high-profile market manipulation investigations of leading banks, has submitted his resignation, the agency says.
Wellinghoff's term expires on June 30 and the resignation had been expected. He will remain as Ferc chairman until his replacement is appointed by President Barack Obama and confirmed by the US Senate, according to a Washington
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