President Donald Trump picked J. Christopher Giancarlo, a Commodity Futures Trading Commission member who spent more than a decade working in the derivatives industry, to head the U.S. agency that oversees those markets.

Giancarlo would add another lawyer with Wall Street ties to lead a regulatory agency in the Trump administration. A former executive at a swaps brokerage firm, Giancarlo has been critical of some of the tougher rules the CFTC put in place after the 2008 crisis, a meltdown fueled in-part by financial products now policed by the agency.

Along with Jay Clayton, Trump's selection to head the Securities and Exchange Commission, Giancarlo would play a leading role in fulfilling the president's promise to roll back rules that were imposed by the Dodd-Frank Act. Giancarlo, a Republican who has been leading the agency in an acting role since Jan. 20, still needs to be confirmed by the Senate as chairman.

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