Timothy 'Tim' Massad, chairman of the Commodity Futures Trading Commission (CFTC).

Andrew Harrer | Bloomberg | Getty Images

Timothy ‘Tim’ Massad, chairman of the Commodity Futures Trading Commission (CFTC).

U.S. Commodity Futures Trading Commission Chairman Timothy Massad said on Tuesday he had tendered his resignation to President Barack Obama, effective Jan. 20.

Massad, who has chaired the CFTC for 2-1/2 years, said in a statement on the commission’s website: “I am proud we have made significant progress in every area. We have largely finished implementing the regulatory framework for swaps, and have concentrated on the areas posing the greatest risk to the financial system.”

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