The White House says Obama will announce the nomination of Timothy Massad to head the Commodity Futures Trading Commission on Tuesday. For the past three years, Massad has overseen the Troubled Asset Relief Program, the bank rescue plan known as TARP.
Obama is expected to use Massad's nominating ceremony to call on Congress to fully fund the CFTC, one of the smallest and most thinly funded U.S. agencies. Obama's 2010 financial overhaul law gave the agency the task of laying down rules for oversight of derivatives, the complex instruments traded in a $700 trillion worldwide market that has been unregulated.
(Read more: TARP worked: Warren Buffett)