Obama to Nominate Massad as CFTC Chairman

Treasury official who oversaw TARP would succeed Gary Gensler.

Timothy Massad, the Treasury Department official responsible for overseeing the U.S. rescue of banks and automakers after the credit crisis, will be nominated to head the country’s top derivatives regulator.

Massad, 57, will be nominated by President Barack Obama today to succeed Gary Gensler as chairman of the Commodity Futures Trading Commission, an agency with expansive new authority under the 2010 Dodd-Frank Act, according to a White House statement. His nomination requires Senate confirmation.

Gensler’s Standard

Senator Elizabeth Warren, a Massachusetts Democrat and formerly the head of the TARP oversight panel, said she wants to hear further from Massad about steps he would take to reduce risk of future crises.

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