Economy

xchrom

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28. SENATE CONFIRMS MASSAD TO HEAD FINANCIAL AGENCY

Wed Jun 4, 2014, 07:55 AM

Jun 2014

http://hosted.ap.org/dynamic/stories/U/US_CFTC_NOMINEE_CONFIRMED?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-06-03-19-16-28

WASHINGTON (AP) -- The Senate on Tuesday confirmed President Barack Obama's choice to head an agency overseeing potentially risky financial market activities.

Timothy Massad, who has promised to act aggressively against misconduct to ensure investors' confidence, was approved as chairman of the Commodity Futures Trading Commission.

The CFTC, which regulates futures and options markets as well as derivatives trading, oversees some of the riskiest corners of the financial world. Derivatives were blamed for fueling the financial crisis.

Massad, a Treasury Department official, will succeed Gary Gensler, a Wall Street veteran who surprised many by becoming a tough regulator who pushed for strict rules that were opposed by large banks.

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