Timothy Massad has been officially sworn in as the chairman of the US Commodity Futures Trading Commission (CFTC), the federal agency that oversees the commodity futures, options and swaps industry.
Massad (pictured), who will assumes his responsibilities immediately, joined the agency after serving as the assistant secretary for financial stability at the US Department of the Treasury. In that capacity, he oversaw the Troubled Asset Relief Program (TARP), the principal US governmental response to the 2008 financial crisis designed to help stabilise the economy and provide help to homeowners.
Prior to joining Treasury, Massad served as a legal advisor to the Congressional Oversight Panel for TARP under the leadership of now Senator Elizabeth Warren.
He was also a partner in the law firm Cravath, Swaine & Moore in New York.
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