WASHINGTON: President Barack Obama on Tuesday named Timothy Massad, a lawyer who oversaw the US government's US$700bil bank bailout program, as the next head of one of Wall Street's most powerful supervisors.
If confirmed by the Senate as chairman of the Commodity Futures Trading Commission, Massad would lead an agency that was given vast new regulatory powers after the 2007-09 crisis, and is now tasked with reining in the relatively uncontrolled trading of complex derivatives – a US$630tril global market.
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