President Obama is set to nominate the next head of the commodity futures trading commission this afternoon (Tuesday). A White House official says Obama will nominate Timothy Massad.
Massad, who's a senior Treasury Department official, ran the Troubled Asset Relief Program or "TARP" for the last three years.
The Commodity Futures Trading Commission regulates the complicated financial markets that played a key role in the financial crisis that began in 2008. Massad will replace outgoing chairman Gary Gensler.
Obama will officially announce the nomination at a news conference Tuesday afternoon.