President Barack Obama on Tuesday will nominate Timothy Massad, a Treasury Department official, for chairman of the Commodity Futures Trading Commission, which regulates futures trading, according to the Washington Post.
Massad currently heads the Treasury office in charge of the Troubled Assets Relief Program, which ensures the stability of the banking and housing sectors.
“Tim Massad is the right person to lead the CFTC at this important time for our economy and financial markets,” a White House official said in a statement.
Massad will take over for current CFTC chairman, Gary Gensler, who held the post for 5 years.
