The Senate confirmed Heath P. Tarbert on Wednesday to serve as chairman of the Commodity Futures Trading Commission.
Mr. Tarbert, who currently serves as acting undersecretary for international affairs at the Treasury Department, was approved in a 84-9 vote. He will start a five-year term July 15 and will take over from J. Christopher Giancarlo.
“During my time of service, it has been a priority to transform the CFTC into a 21st-century regulator for today’s digital markets,” Mr. Giancarlo said in a statement. “With Dr. Tarbert’s confirmation, I know the agency is in safe hands to continue this transition.”
At Treasury, Mr. Tarbert is a member of the Financial Stability Board and is co-chairman of the U.S.-EU Financial Regulatory Forum and U.S.-U.K. Financial Regulatory Working Group, according to his Treasury biography. He also serves as policy chairman of the Committee on Foreign Investment in the United States, which seeks to promote U.S. investments while protecting national security.
Richard H. Baker, president and CEO of the Managed Funds Association, congratulated Mr. Tarbert on his Senate confirmation. “We look forward to working with him and the commission to encourage policies that stimulate investment, reduce duplicative regulatory requirements, and promote fair and accessible capital markets while protecting the confidential data that registrants are required to provide,” Mr. Baker said in a statement.
The White House announced its intent to nominate Mr. Tarbert in December and did so officially in January.