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Senate confirms Trump choice to head commodity agency

Senate confirms Trump choice to head commodity agency

WASHINGTON (AP) — The Senate has confirmed President Donald Trump's choice to head the federal agency overseeing some of the riskiest corners of the financial world.

Former brokerage firm executive J. Christopher Giancarlo was approved Thursday as chairman of the Commodity Futures Trading Commission. He has been acting head of the agency since early this year.

Giancarlo has said he plans to ease regulations put in place following the 2008 financial crisis.

The CFTC regulates futures and options markets as well as derivatives trading. Derivatives are traded in a $500 trillion global market and were blamed for helping ignite and escalate the financial meltdown that touched off the Great Recession.

Giancarlo has said he intends to cut CFTC regulations to make them less costly and burdensome for industry.

Updated : 2021-05-17 18:48 GMT+08:00