Obama nominating Treasury official to run CFTC
WASHINGTON (AP) — President Barack Obama is nominating a top Treasury Department official to run the independent agency that regulates the futures and options market.
The White House says Obama will announce the nomination of Timothy Massad (MASS'-sed) to head the Commodity Futures Trading Commission on Tuesday. For the past three years, Massad has overseen the Troubled Asset Relief Program, known as TARP.
Obama is expected to use Massad's nominating ceremony to call on Congress to fully fund the CFTC and allow the agency to finish implementing changes called for under the 2010 Wall Street overhaul law.
If confirmed by the Senate, Massad would succeed Gary Gensler, whose term ends in January.