President Barack Obama will nominate Timothy Massad, a senior Treasury Department official, to head the Commodity Futures Trading Commission, according to a White House official.
Timothy Massad participates in a Senate Banking, Housing and Urban Affairs Committee hearing, on March 17, 2011, in Washington, D.C. Getty Images
If confirmed by the Senate, Mr. Massad would fill the role vacated by Gary Gensler, who plans to step down as CFTC chairman when his successor is confirmed but no later than Jan. 3. Mr. Gensler’s term officially ended last year.
The five-member CFTC has been operating with just four commissioners since Republican Jill Sommers stepped down earlier this year. Another commissioner, Democrat Bart Chilton, last week announced plans to leave before year-end. The Senate has yet to confirm Republican J. Christopher Giancarlo to succeed Ms. Sommers, and the pending departures of Messrs. Gensler and Chilton could leave the CFTC with just two commissioners—Republican Scott O’Malia and Democrat Mark Wetjen. Senate aides have said they expect Congress to simultaneously move the nominations of Mr. Giancarlo and whomever the White House nominated to succeed Mr. Gensler.