On June 27, the Commodity Futures Trading Commission announced the resignation of Chairman Reuben Jeffery III, effective June 27, 2007. Jeffery has served as Chairman of the CFTC since July 2005. Walter Lukken has been elected to serve as Acting Chairman. Lukken will exercise the executive and administrative functions of the CFTC until a new Chairman has been appointed by the President and confirmed by the Senate.