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:

  • Forecasting Cloud's Future

    Conversations with Federal, State, and Local Technology Leaders on Cloud-Driven Digital Transformation

    Download
  • The Big Data Campaign Trail

    With everyone so focused on security following recent breaches at federal, state and local government and education institutions, there has been little emphasis on the need for better operations. This report breaks down some of the biggest operational challenges in IT management and provides insight into how agencies and leaders can successfully solve some of the biggest lingering government IT issues.

    Download
  • Communicating Innovation in Federal Government

    Federal Government spending on ‘obsolete technology’ continues to increase. Supporting the twin pillars of improved digital service delivery for citizens on the one hand, and the increasingly optimized and flexible working practices for federal employees on the other, are neither easy nor inexpensive tasks. This whitepaper explores how federal agencies can leverage the value of existing agency technology assets while offering IT leaders the ability to implement the kind of employee productivity, citizen service improvements and security demanded by federal oversight.

    Download
  • IT Transformation Trends: Flash Storage as a Strategic IT Asset

    MIT Technology Review: Flash Storage As a Strategic IT Asset For the first time in decades, IT leaders now consider all-flash storage as a strategic IT asset. IT has become a new operating model that enables self-service with high performance, density and resiliency. It also offers the self-service agility of the public cloud combined with the security, performance, and cost-effectiveness of a private cloud. Download this MIT Technology Review paper to learn more about how all-flash storage is transforming the data center.

    Download
  • Ongoing Efforts in Veterans Health Care Modernization

    This report discusses the current state of veterans health care

    Download

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