Treasury Official to Be Tapped For CFTC

None

WASHINGTON, DC - MARCH 17: Assistant Treasury Secretary Timothy Massad, participates in a Senate Banking, Housing and Urban Affairs Committee hearing, on March 17, 2011 in Washington, DC. The committee is hearing testimony on oversight of the Troubled Asset Relief Program (TARP) and evaluating returns on taxpayer investments. (Photo by Mark Wilson/Getty Images)
National Journal
Catherine Hollander
Nov. 12, 2013, 1 a.m.

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.

What We're Following See More »
‘PULLING A TRUMP’
GOP Budget Chiefs Won’t Invite Administration to Testify
1 days ago
THE DETAILS

The administration will release its 2017 budget blueprint tomorrow, but the House and Senate budget committees won’t be inviting anyone from the White House to come talk about it. “The chairmen of the House and Senate Budget committees released a joint statement saying it simply wasn’t worth their time” to hear from OMB Director Shaun Donovan. Accusing the members of pulling a “Donald Trump,” White House spokesman Josh Earnest said the move “raises some questions about how confident they are about the kinds of arguments that they could make.”

Source:
A DARK CLOUD OVER TRUMP?
Snowstorm Could Impact Primary Turnout
1 days ago
THE LATEST

A snowstorm is supposed to hit New Hampshire today and “linger into Primary Tuesday.” GOP consultant Ron Kaufman said lower turnout should help candidates who have spent a lot of time in the state tending to retail politicking. Donald Trump “has acknowledged that he needs to step up his ground-game, and a heavy snowfall could depress his figures relative to more organized candidates.”

Source:
IN CASE OF EMERGENCY
A Shake-Up in the Offing in the Clinton Camp?
23 hours ago
THE DETAILS

Anticipating a primary loss in New Hampshire on Tuesday, Hillary and Bill Clinton “are considering staffing and strategy changes” to their campaign. Sources tell Politico that the Clintons are likely to layer over top officials with experienced talent, rather than fire their staff en masse.

Source:
THE LAST ROUND OF NEW HAMPSHIRE POLLS
Trump Is Still Ahead, but Who’s in Second?
10 hours ago
THE LATEST

We may not be talking about New Hampshire primary polls for another three-and-a-half years, so here goes:

  • American Research Group’s tracking poll has Donald Trump in the lead with 30% support, followed by Marco Rubio and John Kasich tying for second place at 16%. On the Democratic side, Bernie Sanders leads Hillary Clinton 53%-41%.
  • The 7 News/UMass Lowell tracking poll has Trump way out front with 34%, followed by Rubio and Ted Cruz with 13% apiece. Among the Democrats, Sanders is in front 56%-40%.
  • A Gravis poll puts Trump ahead with 28%, followed by Kasich with 17% and Rubio with 15%.
×