President Obama Tuesday nominated Timothy Assad to replace Gary Gensler as chairman of the Commodity Futures Trading Commission. Gensler will step down from the post by January.
Assad, the current Assistant Secretary for Financial Stability with the U.S. Treasury Department, previously served in several roles for the Office of Financial Stability, joining the Treasury in 2009.
Most recently, Massad has been tasked with winding down the Troubled Asset Relief Program, an effort to stop the effects of the recession in late 2008.
During his announcement, Obama applauded Massad's management of the TARP and history with the Treasury.
"Tim is a guy who doesn’t seek the spotlight, but he consistently delivers. He gets a high return for American taxpayers without a lot of fanfare," Obama said.
Obama also noted that under the management of current chairman Gensler, the CFTC has grown to be a "small but mighty independent agency" tasked with reforming Wall Street and ensuring the stability of the U.S. financial system.
"Gary has one of the smallest budgets of any of the agencies charged with protecting consumers, but he has done as much as anybody to implement financial reform," Obama said. "Under his watch, the CFTC has transformed what was a secretive and shadowy derivatives market by bringing large parts of it onto exchanges to transparent trading."
Though Obama said he expects Gensler's potential successor to deliver a similar performance, he also addressed the assertion that opponents to the commission's work on Wall Street Reform have limited its effectiveness.
"Ever since we passed Wall Street reform, its opponents have tried to starve funding for the agencies responsible for carrying it out. The men and women of the CFTC are charged with protecting us from financial harm, but they are undermanned," he said.
That limited staff includes the loss of Commissioner Bart Chilton, who announced his resignation last week, and Commissioner Jill Sommers, who resigned in January, 2013.
The decision to confirm Obama's selection now moves to the Senate.