Heath Tarbert is to be nominated by the US government to be the next chair of the Commodity Futures Trading Commission. His appointment is subject to Congressional approval, however he was appointed to his current role at the US Treasury by the US Senate with a huge majority and is expected to attract similar support.
Tarbert will take the reins of the US regulator from Christopher Giancarlo, who was appointed to the role in 2017 and is due to step down at the end of April 2019. In a statement Giancarlo says, “The White House has made a superb choice in Heath Tarbert as the intended nominee to be the next chairman for the Commission. If confirmed by the US Senate, he will be an effective chairman and will be well suited to continue the work of transitioning the CFTC into a 21st century digital regulator that balances concerns over systemic stability with market vibrancy to support strong economic growth and American prosperity.”
An attorney by trade, Tarbert was sworn in as assistant secretary for international markets at the US Treasury in October 2017. In this role he advances US interests in multilateral organisations on financial stability and regulatory issues, while promoting growth, negotiating trade agreements, and advocating for standards that level the playing field for US firms. He is a member of the Financial Stability Board (FSB) and serves on FSB’s Steering Committee and all three of its Standing Committees. He is also co-chair of the US-EU Financial Regulatory Forum and US-UK Financial Regulatory Working Group, both of which focus on enhancing financial regulatory cooperation with key counterparts and advancing U.S. economic interests.
Tarbert has also led US delegations at the G-20 Finance Ministers’ and Central Bank Governors’ Deputies track and the Asia-Pacific Economic Cooperation Financial Ministerial. Additionally, he works to facilitate investments in energy and infrastructure abroad, oversees technical assistance programs that promote private sector-led growth in over 40 partner countries, and is a member of the Domestic Finance Policy Council.
Prior to becoming joining the US Treasury, Tarbert was most recently a partner at the international law firm of Allen & Overy, where he was a leader in its global financial regulatory practice.
If confirmed Tarbert will take over CFTC at a critical time with the UK’s exit from the European Union scheduled for the end of March. He will also have the recently rare luxury of working with a full set of CFTC commissioners – the confirmation of Dawn Stump and Dan Berkowitz in September 2018 meant the slate was full for the first time since 2014.