CME Appoints Rahm Emanuel to Board

The Chicago Mercantile Exchange (CME) has appointed Rahm Emanuel to a two-year term on the CME Board of Directors. Emanuel, Managing Director of the investment banking firm Wasserstein Perella & Co., Inc., had served as Senior Adviser to the President for Policy and Strategy in the Clinton Administration. "As a close adviser to the President during the most extensive economic expansion in U.S. history, Rahm Emanuel has demonstrated an understanding of financial, strategic and global issues that will serve the CME well as he joins our Board," CME Chairman Scott Gordon said. "We will welcome his insight as the Merc continues to implement its strategy for the next millennium." In his position at the White House, Emanuel oversaw the strategy for passing the Balanced Budget Act of 1997 and coordinated the passage of the North American Free Trade Agreement. Previously, he was Executive Director of the 1993 Presidential Inaugural Committee and the National Finance Director for the Clinton-Gore 1992 Presidential campaign. Emanuel joins the Merc's other appointed Directors: E. Gerald Corrigan, Managing Director at Goldman, Sachs & Co. and former President and Chief Executive Officer of the Federal Reserve Bank of New York; Paul Kimball, Managing Director and Global Co-Head of the Foreign Exchange Department of Morgan Stanley Dean Witter; Wendy Gramm, former Chairman of the Commodity Futures Trading Commission from 1988 until 1993, and Director of the Regulatory Studies Program at George Mason University's Mercatus Center; John Lacey, past president of the National Cattlemen's Beef Association and partner in the Lacey Ranches; Merton Miller, Distinguished Service Professor of Finance, Emeritus, at the Graduate School of Business, University of Chicago, and a Nobel Laureate in economics; William P. Miller II, Senior Vice President and Independent Risk Oversight Officer for the Commonfund Group; Laurence Mollner, former Chairman of the Futures Industry Association (FIA) and Director of the National Futures Association (NFA); Ward Parkinson, founder of Micron Technology and its Chairman and Chief Executive Officer and then Vice Chairman from 1978 to 1989. He is an attorney with expertise in electronics and patent law; David M. Pryde, Managing Director, Global Futures and Options Business, J. P. Morgan and Company, formerly head of global commodities for Morgan Guaranty Trust Co., former Vice Chairman of the Commodity Exchange, Inc; Verne O. Sedlacek, President and Chief Operating Officer of John W. Henry & Co., Inc. and a director of the Futures Industry Association; Paul Simon, U.S. Senator for the State of Illinois from 1984 to 1996 and former candidate for U.S. President, who directs the Paul Simon Public Policy Institute at Southern Illinois University. Under exchange rules, the CME Chairman, with the approval of the Board, appoints a number of directors who are non-members as well as those with commercial interests in the exchange. Appointed directors serve for a term of up to two years.