J. Christopher Giancarlo was designated acting chairman of the Commodity Futures Trading Commission, the federal agency that oversees the commodity futures, options and swaps industry.

The Republican succeeds Democrat Timothy Massad who has served as chairman since June 2014, and announced earlier this month he planned to step down at the end of the Obama administration.

Giancarlo was one of three commissioners nominated to the CFTC by Barack Obama in 2013 and then confirmed by the Senate in June 2014 for a term expiring in April 2019.

President Trump is filling out his administration after taking early action to stall some of Barack Obama's last-minute regulations.

Meanwhile, Republican lawmakers head to Philadelphia tomorrow for a two-day retreat where Trump is expected to visit.

The President will receive his first foreign leader Friday in British Prime Minister Theresa May, and Mexican President Enrique Peña Nieto next week, with trade expected to be the major topic in both meetings.

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