Senate panel approves Massad to head CFTC

A U.S. Senate panel on Tuesday approved Timothy Massad as the next chairman of the Commodity Futures Trading Commission, but a second nominee to the derivatives watchdog hit a snag. Massad, a lawyer who oversaw the U.S. government’s $700 billion bank bailout program, was nominated by President Barack Obama to replace Gary Gensler. He has spent most of his career at Wall Street law firm Cravath, Swaine & Moore, working on a wide variety of corporate transaction. More on Reuters here.