Nominee to head CFTC promises tough enforcementMarch 6, 2014 @ 12:23 pm (Updated: 12:30 pm - 3/6/14 )
WASHINGTON (AP) — President Barack Obama's choice to head an agency overseeing potentially risky financial market activities is promising to act aggressively against misconduct to ensure investors' confidence.
The nominee as chairman of the Commodity Futures Trading Commission, Timothy Massad, said at his Senate confirmation hearing Thursday that he'll make enforcement a top priority if he is approved for the position.
Massad also said he would pursue final action on a revised rule aimed at clamping down on speculative trades that can drive up food and gas prices. The CFTC's original rule was struck down in 2012 by a federal court.
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.
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