Former Cravath Swaine & Moore corporate partner Timothy Massad was sworn in Thursday as chairman of the U.S. Commodity Futures Trading Commission.

Confirmed by the U.S. Senate on June 3 via voice vote, Massad most recently oversaw the Troubled Asset Relief Program at the Treasury Department. He replaces Gary Gensler, who stepped down at the end of 2013. Mark Wetjen had been serving as acting chairman in the interim.