President Barack Obama nominated Timothy Massad, the assistant secretary for financial ability, on Tuesday to succeed Gary Gensler as the head of the CFTC.
Confirmed to his current position in 2011, Massad previously served in the position of acting assistant secretary for financial stability. He joined the U.S. Treasury in 2009 as chief counsel for the Office of Financial Stability and later became the chief reporting officer for the OFS.
Before joining the Treasury, Massad was a partner at law firm Cravath, Swaine & Moore in New York, and from 1998 to 2002, he served as the co-manager of the firm’s Hong Kong office. In 2008, Massad left the firm to assist the newly formed Congressional Oversight Panel, an oversight agency for the Troubled Asset Relief Program, which was designed to stabilize the banking and housing sector and provide relief to troubled American automakers.
“Now, under Tim’s watch, not only have the banks that benefited from TARP repaid nearly every single dollar, but he has secured a positive return of nearly $30 billion to the American taxpayer,” Obama said. “He has worked tirelessly to improve TARP programs that help more struggling homeowners stay in their homes, more hard-hit communities remove the blight of vacant homes from their neighborhoods. At the Treasury Department, he has launched new online tools that allow American consumers to track where the funds went and what—when they were repaid. And that’s a commitment to transparency and openness that I know that he wants to continue at the CFTC.”