New Chairman Massad, Two Others Approved For CFTC

Jun 4 2014 | 8:38am ET

The U.S. Senate yesterday confirmed former Treasury Department official Timothy Massad as head of the Commodity Futures Trading Commission, while also approving two other nominees to the regulator.

Massad and Republican nominee J. Christopher Giancarlo were confirmed by voice vote. Former Latham & Watkins lawyer Sharon Bowen was approved by a narrow two-vote margin amidst opposition from Republicans and some Democrats.

The CFTC has been operating with just two members since March, when commissioner Bart Chilton stepped down. Former CFTC Chairman Gary Gensler’s term expired at the beginning of the year; Massad was nominated to the post in November.

Massad led the Troubled Asset Relief Program bailout for three years before his nomination. A lawyer formerly at Cravath Swain & Moore, he was previously senior legal adviser to the Congressional Oversight Panel.

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