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Wednesday, November 13, 2013

Massad Nominated to Chair CFTC

President Obama nominated Timothy Massad to chair the CFTC, replacing outgoing Chairman Gary Gensler. Since 2011, Massad has served as assistant secretary of the Treasury for financial stability, working to wind down TARP. He was previously a staffer on the Congressional Oversight Panel for TARP.

If confirmed, Massad will join the five-member CFTC as it is wrapping up its Dodd-Frank Act rulemaking and as several other commissioners rotate off. Jill Sommers left this past summer and her nominated successor, Christopher Giancarlo, has not yet been confirmed; Bart Chilton recently announced his intention to leave the commission soon.

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