Heath Price Tarbert (born July 15, 1976) is an American lawyer and former government official who most recently served as the 14th Chairman and a Commissioner of the Commodity Futures Trading Commission (CFTC). Prior to leading the CFTC, he served as Assistant Secretary of the Treasury for International Markets and Development and as acting Under Secretary of the Treasury for International Affairs.[1] As of July 1, 2023, he is Chief Legal Officer and Head of Corporate Affairs for Circle.[2]
From 2010 to 2013, Tarbert was a senior counsel, and subsequently partner, at the law firm of Weil Gotshal & Manges, where he led the Financial Regulatory Reform Working Group.[10]
In 2014, Tarbert joined Allen & Overy as partner and head of the law firm's U.S. bank regulatory group.[9]
On April 4, 2017, the White House nominated Tarbert to become Assistant Secretary for International Markets and Development. He was confirmed by the U.S. Senate on September 27, 2017, by a vote of 87–8 and was sworn in on October 10, 2017.[15] In April 2019, he was designated acting Under Secretary for International Affairs, following David Malpass becoming president of the World Bank Group.[1]
As acting Under Secretary, Tarbert was charged with advancing U.S. interests in multilateral organizations on financial stability and regulatory issues, while promoting growth, negotiating trade agreements, and advocating for standards that level the playing field for U.S. firms. He led the U.S. delegation at the G-7 and G-20 Finance Ministers' and Central Bank Governors' Deputies Meetings. Tarbert was also a member of the Financial Stability Board (FSB) and served on the FSB's Steering Committee and all three of its Standing Committees. He co-chaired the U.S.-EU Financial Regulatory Forum and the U.S.-UK Financial Regulatory Working Group, both of which focus on enhancing financial regulatory cooperation with key counterparts and advancing U.S. economic interests.[1]
Tarbert also served as policy chair of the Committee on Foreign Investment in the United States (CFIUS), which seeks to promote U.S. investments while protecting national security. In this role, Tarbert was a key architect of the Foreign Investment Risk Review Modernization Act (FIRRMA), which passed Congress with bipartisan support in August 2018.[16]
International Financial Institutions
While at Treasury, Tarbert concurrently served as the acting U.S. Executive Director on the Board of the World Bank Group from 2017 to 2018, where he worked to negotiate a capital package that resulted in institutional reforms, including new financial discipline mechanisms and policies shifting a higher proportion of funding to poorer countries.[17]
In his role as chairman, Tarbert served as the CFTC's chief executive, overseeing the agency's approximately 1,000 employees and contractors across its offices in Washington, DC, Chicago, IL, New York, NY, and Kansas City, MO.[24] As chairman, Tarbert also served as one of ten voting members of the Financial Stability Oversight Council (FSOC). On June 9, 2020, Tarbert was elected vice-chair of the board of the International Organization of Securities Commissions (IOSCO).[25]
Upon taking office, Tarbert sought to position the agency as an advocate for Main Street interests and American free enterprise. Writing in a July 2019 op-ed in FoxBusiness.com, Tarbert said the agency "serves as a guardian of our free enterprise system" and that the markets the agency regulates should "serve the needs of everyday Americans."[26] Tarbert has also reaffirmed the CFTC's historical commitment to agriculture by sponsoring the agency's Agricultural Advisory Committee. In a statement announcing his sponsorship, Tarbert said that, "America's farmers and ranchers are at the heart of the real economy and the markets we regulate."[27] Tarbert worked to revise rules implementing the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act.[28]
Tarbert presided over a historic period of activity at the agency as its chairman and chief executive. Under his leadership, the Commission held 20 open meetings—more than the previous seven years combined— approving 41 final rules.[29] The agency brought more than 160 enforcement actions on Tarbert's watch, including an agency record 113 actions in fiscal year 2020.[30] Tarbert's chairmanship was also noteworthy for its bipartisanship: of the 41 final rules and 21 proposed rules considered on his watch, 90 percent were advanced on a bipartisan basis.[29] "The partisan divisions in Washington may run deep, but the Commission's historically collegial atmosphere has continued uninterrupted," Tarbert noted in December 2020.[31]
Following Joe Biden's victory in the 2020 presidential election, Tarbert announced he would resign from the CFTC chairmanship in early 2021 but retain his seat on the commission.[32][33] He officially stepped down as chairman on January 21, 2021, and was succeeded by Acting Chairman Rostin Behnam.[29][34] Tarbert resigned from his position as a commissioner on March 5, 2021.[35]
Post-Government Career
Following his resignation as Commissioner of the CFTC, Citadel Securities announced on April 1, 2021, that it had hired Tarbert to serve as its Chief Legal Officer.[36][37] Tarbert's hiring prompted comment from critics of the so-called "revolving door" between government service and the financial services sector.[37]
On September 15, 2022, Tarbert appeared as a bipartisan witness before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry in hearings on the Digital Commodities Consumer Protection Act, faulting existing digital asset markets for "lack[ing] sound regulation" and advocating for adoption of the act on grounds that it "(1) addresses a critical gap in the CFTC's jurisdiction; (2) promotes U.S. leadership in digital assets; and (3) is designed to stand the test of time."[38]
In June 2023, Circle announced that Tarbert would be joining their executive leadership team as Chief Legal Officer and Head of Corporate Affairs.[2] Circle is a global financial technology company specializing in payments infrastructure and is the issuer of USD Coin (USDC), a digital stablecoin pegged to the United States dollar.[39] Circle's Founder and CEO Jeremy Allaire stated that Tarbert would play a major role in the company's future growth, both in "building a bridge between traditional finance and Web3 " and increasing "the utility value of USDC worldwide."[2]
Personal life
Heath Tarbert is married to Kathryn "Kate" (Komp) Tarbert, whom he met while they both clerked for Judge Ginsburg from 2005 to 2006.[40][41][42] Together they have two sons.[43]
^"Six Nominations Sent to the Senate". White House. January 9, 2019. Retrieved March 13, 2019. Cite news requires |newspaper= (help)[verification needed]
