Mark Wetjen will take over from Commodity Futures Trading Commission Chairman Gary Gensler when Gensler steps down in the coming weeks, the regulator said yesterday.
Wetjen, who joined the CFTC in 2011, will serve as acting chairman until Timothy Massad, a former Treasury Department official, is confirmed as Gensler's permanent successor. It is unclear when the U.S. Senate will act on that nomination.
Gensler must leave office by Jan. 3.
"Mark has worked tirelessly to bring swaps-market reform to life," Gensler said.
Prior to his nomination to the CFTC, Wetjen spent seven years working for the Senate, advising Senate Majority Leader Harry Reid (D-Nev.). At the CFTC, he has played a key role implementing the Dodd-Frank financial regulation reform law.