Updated 5:09 p.m.
President Obama has selected former Cravath, Swaine & Moore partner Timothy Massad to lead the Commodity Futures Trading Commission, a White House official said.
Massad currently serves as assistant secretary for financial stability at the Department of the Treasury, where he oversees the government's $700 billion Troubled Asset Relief Program. He's held the post since 2011.
Obama is expected to make the nomination announcement this afternoon at an event at the White House. Current CFTC chairman Gary Gensler, whose five-year term expires at the end of the year, will also attend the event.