Americans for Financial Reform issued this statement on the nomination of Assistant Treasury Secretary Tim Massad to chair the Commodity Futures Trading Commission:
“The CFTC oversees complex and often obscure financial transactions that were a central cause of the financial collapse, and it needs strong leadership.
“Its actions directly affect the prices of everyday items like gasoline, bread and milk. Powerful Wall Street interests continue to push for weak standards and loopholes that will maximize their short term returns, but leave the American economy at risk. Assistant Secretary Massad has not, in his previous work, been required to address the issues the CFTC is responsible for. It is not clear from what we know whether he is the right person for the job. There needs to be a serious inquiry into his views and perspectives as part of the consideration of his confirmation.”