Treasury Official to Be Tapped to Lead Financial Regulatory Agency

 Treasury official Timothy Massad will be nominated to be the next chairman of the Commodity Futures Trading Commission. Treasury official Timothy Massad will be nominated to be the next chairman of the Commodity Futures Trading Commission. Office of Rep. Darrell Issa, R-Calif.

President Obama will nominate Treasury official Timothy Massad to be the next chairman of the Commodity Futures Trading Commission on Tuesday afternoon, according to a White House official.

Massad will succeed Gary Gensler, who has served as head of the CFTC since 2009 and who has frequently butted heads with Wall Street during his tenure. Gensler's departure this year was expected, and Massad had been reported to be a top contender for the post.

Massad is currently the assistant secretary for financial stability at the Treasury Department, overseeing the Troubled Asset Relief Program, the financial crisis-era bank bailout program. "As TARP moves into the history books, it's my hope that its greatest legacy will be this, that when the nation was confronted with an extraordinary challenge -- in this case, the potential collapse of our entire financial system -- government rose to the occasion," he said in a recent speech at the Brookings Institution. Massad has also worked in the private sector at law firm Cravath, Swaine & Moore and in other Treasury positions.

He'll have plenty to do at the CFTC. The regulatory agency is responsible for writing many of the rules under the 2010 financial-reform law, including the contentious and yet-to-be-finalized "Volcker Rule" that bans banks from making speculative bets with their own money.

The Dodd-Frank reform law vastly increased the agency's responsibilities, and Gensler has frequently complained to Congress that the CFTC's budget is inadequate for the work it has to implement the law and oversee the massive futures and swaps market. Lawmakers have repeatedly declined to expand the CFTC's budget in recent years.

Further complicating life for the next CFTC chairman is that one of the agency's commissioners, Democrat Bart Chilton, said last week that he intends to step down soon. Chilton's will be the second open seat on the five-member commission after Republican commissioner Jill Sommers resigned earlier this year.

The confirmation hearing for the next CFTC chairman will be held by the Senate Agriculture Committee.

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Sponsored by G Suite

    Cross-Agency Teamwork, Anytime and Anywhere

    Dan McCrae, director of IT service delivery division, National Oceanic and Atmospheric Administration (NOAA)

    Download
  • Data-Centric Security vs. Database-Level Security

    Database-level encryption had its origins in the 1990s and early 2000s in response to very basic risks which largely revolved around the theft of servers, backup tapes and other physical-layer assets. As noted in Verizon’s 2014, Data Breach Investigations Report (DBIR)1, threats today are far more advanced and dangerous.

    Download
  • Federal IT Applications: Assessing Government's Core Drivers

    In order to better understand the current state of external and internal-facing agency workplace applications, Government Business Council (GBC) and Riverbed undertook an in-depth research study of federal employees. Overall, survey findings indicate that federal IT applications still face a gamut of challenges with regard to quality, reliability, and performance management.

    Download
  • PIV- I And Multifactor Authentication: The Best Defense for Federal Government Contractors

    This white paper explores NIST SP 800-171 and why compliance is critical to federal government contractors, especially those that work with the Department of Defense, as well as how leveraging PIV-I credentialing with multifactor authentication can be used as a defense against cyberattacks

    Download
  • Toward A More Innovative Government

    This research study aims to understand how state and local leaders regard their agency’s innovation efforts and what they are doing to overcome the challenges they face in successfully implementing these efforts.

    Download
  • From Volume to Value: UK’s NHS Digital Provides U.S. Healthcare Agencies A Roadmap For Value-Based Payment Models

    The U.S. healthcare industry is rapidly moving away from traditional fee-for-service models and towards value-based purchasing that reimburses physicians for quality of care in place of frequency of care.

    Download
  • GBC Flash Poll: Is Your Agency Safe?

    Federal leaders weigh in on the state of information security

    Download

When you download a report, your information may be shared with the underwriters of that document.