On November 12, 2013, President Barack Obama announced the nomination of Timothy Massad to become chairman of the Commodity Futures Trading Commission (“CFTC”), replacing former chairman Gary Gensler. The CFTC regulates commodity and financial futures and options, and Massad’s appointment requires Senate confirmation.
Massad currently serves as the Assistant Secretary for Financial Stability for the Department of the Treasury (“Treasury”), where he oversees the implementation of the Troubled Asset Relief Program (“TARP”). Massad previously served as Treasury’s Acting Assistant Secretary for Financial Stability. Massad was also Chief Counsel and the Chief Reporting Officer for the Treasury’s Office of Financial Stability. Prior to his work with the Treasury, Massad served as a special legal advisor to the Congressional Oversight Panel, a committee responsible for the oversight of TARP. Massad holds a Bachelor of Arts degree from Harvard College and a Juris Doctor degree from Harvard Law School.
A video and transcript of the nomination are available here.