Statement Of CFTC Chairman Gary Gensler On Nomination Of Timothy Massad To Be CFTC Chairman

"I thank President Obama for the confidence he placed in the CFTC staff when, along with Congress, he called upon the agency to reform the $400 trillion swaps market. The talented and dedicated staff met the challenge and has brought transparency, competition and oversight to a once dark, closed market. The public and the economy now are benefitting from these reforms.  I want to congratulate Tim Massad on his nomination today and on the opportunity to lead this remarkable agency. Subject to Senate confirmation, I look forward to working with Tim to ensure a smooth transition. It has been an honor for me to take part in the President’s reform agenda, and I thank him for the privilege.”