Senate confirms Massad to head financial agency

AP News
Posted: Jun 03, 2014 6:31 PM

WASHINGTON (AP) — The Senate has confirmed President Barack Obama's choice to head an agency overseeing potentially risky financial market activities.

Timothy Massad was approved Tuesday as chairman of the Commodity Futures Trading Commission. He has promised to act aggressively against misconduct to ensure investors' confidence.

The CFTC, which regulates futures and options markets as well as derivatives trading, oversees some of the riskiest corners of the financial world. Derivatives were blamed for fueling the financial crisis.

Massad, a Treasury Department official, will succeed Gary Gensler, a Wall Street veteran who surprised many by becoming a tough regulator who pushed for stricter rules that large banks had lobbied against.

Also confirmed were two nominees to fill vacancies on the CFTC panel: securities lawyer Sharon Bowen and brokerage firm executive J. Christopher Giancarlo.