"I am pleased the President has nominated Tim Massad to be the next Chairman of the Commodity Futures Trading Commission. Tim is a trusted leader who has extensive public service and private sector experience.
"Since the earliest days of his professional life, Tim has been determined to pursue reform that safeguards and advances the interests of hard working Americans. His work as an attorney and public servant has also given him a deep understanding of the markets, including exchanges and derivatives. He is widely respected by colleagues across the financial services industry and government for his considerable knowledge and sound judgment.
"Most recently, as Assistant Secretary for Financial Stability, Tim has played an integral role in administering one of the most successful financial emergency rescue programs ever created. He has demonstrated a firm commitment to making taxpayers whole after the financial crisis, and thanks in no small part to his leadership, we have seen significant returns on our investments.
"On behalf of the Treasury Department, I want to thank Tim for his tenacity and dedication. I know that, as soon as he is confirmed, he will build on Gary Gensler's strong record. Gary has done an excellent job of strengthening the CFTC and our financial system."