The President today announced that he will nominate James M. Stone, of Boston, Mass., to be Chairman of the Commodity Futures Trading Commission.
Stone was born November 12, 1947, in New York City. He received a B.A. with highest honors in economics from Harvard College in 1969, an M.A. with specialization in monetary theory and fiscal policy in 1970, and a Ph.D. in economics in 1973.
Stone was a teaching fellow at Harvard from 1969 to 1973, and a lecturer in economics from 1973 to 1975, teaching a course on the economics of securities markets. Beginning in 1971, he was a parttime consultant to Fairfield and Ellis, Inc., a Boston insurance brokerage specializing in large industrial accounts. From 1974 to 1975, he was vice president economist at Fairfield and Ellis.
Since 1975 Stone has been commissioner of insurance for the Commonwealth of Massachusetts. Under his administration, the Insurance Department has initiated publication of a series of guides for insurance consumers, restructured the rating classifications in automobile insurance, and undergone a staff reorganization resulting in an increase in the number of professional employees and a decrease in the budget.
Stone is the author of "One Way for Wall Street," a book on regulatory issues in the securities industry published in 1975.