Obama nominates TARP Honcho to head futures regulator
November 13 , 2013
President Obama is nominating a top official from the Treasury Department to head the Commodity Futures Trading Commission, responsible for regulating the futures and options market.
Timothy Massad has overseen the Troubled Asset Relief Program (TARP) for the past three years.
Obama is expected to use this nomination ceremony to get Congress to fully fund the CFTC, considering that it is one of the most thinly funded agencies in the US. Reports suggest that he is seeking $315M for this agency, which currently has a budget of $195M.
"He will call on Congress to stop underfunding agencies like the CFTC that are responsible for putting new rules in place to prevent some of the reckless and irresponsible practices that caused the financial crisis," an official of the White House said.