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November 15, 2013

Obama Nominee for Swaps Agency Draws Skepticism Over Experience

Timothy Massad, a little-known Treasury official who oversaw the U.S. rescue of Wall Street, faces skepticism about his qualifications from lawmakers who will vote on his nomination to lead the country’s top derivatives regulator.

Massad, 57, was picked by President Barack Obama yesterday to succeed Gary Gensler as chairman of the Commodity Futures Trading Commission, which won authority in the 2010 Dodd-Frank Act to regulate swaps trading by Wall Street firms including Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM)

“If confirmed, Massad will take the helm of an agency in transition. The CFTC is pivoting from writing Dodd-Frank rules to enforcing them even as Gensler and the administration have so far failed to convince Congress to fund the additional staff and technology needed to do the job.

Senators Elizabeth Warren, a Massachusetts Democrat, and Bernie Sanders, a Vermont independent, along with consumer groups expressed questions about Massad, saying they need more information about his qualifications and views on financial regulation.”

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Read full Bloomberg article here

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