The chairman of the Commodity Futures Trading Commission announced Tuesday that he will step down Jan. 20, clearing the way for President-elect Trump to quickly install a top derivatives regulator of his own.
Timothy Massad, appointed by President Obama in mid-2014, had a term set to end in April.
Massad said he is “proud we have made significant progress in every area.”
During his tenure, the agency implemented rules for overseeing swaps markets required by the 2010 Dodd-Frank financial reform law.
Trump’s transition team has indicated that he intends to roll back the law, on the grounds that the new regulations have slowed economic growth.
A number of top Obama regulators have resigned rather than serve out their terms under Trump, as is customary, including Securities and Exchange Commission Chairwoman Mary Jo White.
Notably, however, Consumer Financial Protection Bureau Director Richard Cordray has said that he doesn’t plan to leave before his term ends in 2018. The bureau, also created by the Dodd-Frank law, is a top target for Republican reforms.
Federal Reserve Chairwoman Janet Yellen also has said that she intends to serve out her term, which also ends in 2018. Fed chairmen typically serve on through changes in the White House.
