Timothy Massad said he plans to step down as Commodity Futures Trading Commission chairman on Jan. 20, clearing the way for Republican control of the top U.S. swaps regulator as President-elect Donald Trump takes office.

Massad will stay on as a CFTC commissioner for a few weeks "to close out his office and handle administrative matters," the agency said in a statement Jan. 3.

A former Treasury Department official and corporate lawyer, Massad took over the CFTC in 2014 as it was being transformed after the financial crisis from a sleepy regulator of agricultural futures to a front-line Wall Street cop. He continued the progress of his sharp-elbowed, better-known predecessor Gary Gensler, completing Dodd-Frank Act rules that brought swaps under broad government oversight for the first time.

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