Tarbert, who is the assistant secretary for international markets at the Treasury, will replace the current CFTC head J. Christopher Giancarlo, whose term expires in April 2019, WSAU reported.
"As Assistant Secretary, Dr. Tarbert advances US 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 US firms," according to his biography on Treasury.gov.
Calabria was nominated to be director of the Federal Housing Finance Agency, which is currently led by former congressman Mel Watt, whose term ends in January, Reuters reported. The Federal Housing Finance Agency oversees mortgage giants Fannie Mae and Freddie Mac.
Calabria has repeatedly criticized government-backed housing finance companies, which have been under government control since the 2008 housing crisis, the New York Times reported.
In June, the Trump administration released a report proposing the privatization of Fannie and Freddie.