“At Last”: Bart Chilton Stepping Down from CFTC!

ChiltonIs it Mission Accomplished for the CFTC’s “Good Cop”?
In a statement just released by the CFTC, Bart Chilton has sent President Obama notice that he will be stepping down from his position as a CFTC Commissioner.

Chilton’s full statement on position limits & resigning from the CFTC is below:
sic semper tyrannis
From the CFTC:

“At Last”

Statement of Commissioner Bart Chilton, Dodd-Frank Meeting on Position Limits

November 5, 2013

For two reasons, this is a significant day for me.  I am reminded of that great Etta James song, At Last.

The first reason is that, at last, we are considering what I believe to be the signal rule of my tenure here at the Commission; I’ve been working on speculative position limits since 2008. The second reason today is noteworthy is that this will be my last Dodd-Frank meeting.  Early this morning, I sent a letter to the President expressing my intent to leave the Agency in the near future. I’ve waited until now—today—to get this proposed rule out the door, and now—at last—with the process coming nearly full circle, I can leave. It’s with incredible excitement and enthusiasm that I look forward to being able to move on to other endeavors.

With that, here is a bit of history on the position limits journey that has led us, and me, to this day.  The early spring of 2008 was a peculiar time at the Commission.  None of my current colleagues were here.  I and my colleagues at that time watched Bear Stearns fail. We had watched commodity prices rise as investors sought diversified financial havens.  When I asked Commission staff about the influence of speculation on prices, some said speculative positions couldn’t impact prices.  It didn’t ring true, and as numerous independent studies have confirmed since, it was not true.

I began urging the Commission to implement speculative position limits under our then-existing authority.  And I was, at that time, the only Commissioner to support position limits.  Given the concerns, I urged Congress to mandate limits in legislation. A Senate bill was blocked on a cloture vote that summer, but late in the session, the House actually passed legislation.  Finally, in 2010, as part of the Dodd-Frank law, Congress mandated the Commission to implement position limits by early in 2011.

Within the Commission, I supported passing a rule that would have complied with the time-frame established by Congress—by any other name—federal law. A position limits rule was proposed in January of 2011 and finally approved in November.

In September 2012, literally days before limits were to be effective, a federal district court ruling tossed the rule out, claiming the CFTC had not sufficiently provided rationale for imposing the rule.  We appealed and I urged us to address the concerns of the court by proposing and quickly passing another new and improved rule.  I thought and hoped that we could move rapidly.  After months of delay and deferral, it became clear: we could not.

But today—at last—more than three years since Dodd-Frank’s passage, we are here to take it to the limits one more time.

Thankfully, we have it right in the text before us. The Commission staff has ultimately done an admirable job of devising a proposed regulation that should be unassailable in court, good for markets and good for consumers.

I thank everyone who has worked upon the rule: Steve Sherrod, Riva Adriance, Ajay Sutaria, Scott Mixon, Mary Connelly, and many others for their good work.

In addition, I especially thank Elizabeth Ritter, my Chief of Staff, Nancy Doyle, and also Salman Banaei who has left the Agency for greener pastures. I thank them for their tireless efforts on the single most important, and perhaps to me the most frustrating, policy issue of my tenure with the Commission. I have had the true honor of working with Elizabeth since prior to my confirmation. I would be remiss if I did not reiterate here what I have often said; nowhere do I believe there is a brighter, smarter, more knowledgeable and hard-working derivatives counsel. She has served the public and me phenomenally well. Thank you, Elizabeth.

And finally to my colleagues, past and present, my respect to those whom we have been unable to persuade to vote with us on this issue, and my thanks to those who will vote in support of this needed and mandated rule. At last!

Thank you.

Last Updated: November 5, 2013

 

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Comments

  1. lol vintage blonde bombshell.. goes out quoting song lyrics

  2. @Doc:  Can someone please PROOFREAD articles, correct spelling typos, and construct complete sentences/thoughts.  Many thanks!

  3. Wasn’t this guy an evil villain in a James Bond movie ? either way he’s a great actor. 
    Folks the rats are running, get ready you got till around mid 2014 before the precious train starts to move. 
    And what great x-mas gifts coins make

  4. any mention of a non-disclosure agreement.

  5. That explanation of events is incredibly weak and not truthful. Now I think even less of him as a person if that’s possible.
     
    Thanks for selling out you turncoat Shillton.

  6. I have heard about wolves in sheep’s clothing and I am sure that Bart is a rat inside of possibly a dove’s clothing. Maybe the NSA was holding things over his head like they must be doing with many notable republicans. What other explanation could there be. I do not see anything that he has done that helped the precious metal holders. Maybe after he is out, he will expose the agency but I doubt it. Thanks for nothing Bart, your works do follow you. “Thou shall not bear false witness & Thou shall not steal” 2 and counting…………..

  7. This cnbc article (yeah I know, cnbc) doesn’t sound like the fed will be tapering any time soon.
    http://www.cnbc.com/id/101171212
     

  8. You can bet your silver coins that Bart ‘Good Cop’ Chilton is headed on to Wall Street where the streets are paved with paper gold…don’t let the door hit your ass on the way out Bart.

  9. The CFTC had a Commissioner????

  10. AT LAST My Ass. When you die Mr. Chilton then you can say AT LAST because your lying ass will meet thy maker.

    • Well put Marchas!  There often isn’t justice served here on Earth – but one can hope that there is a cosmic justice that will be dispensated on these pathetic, souless ‘humans’. By humans i mean the BO’s, Chiltons, Bush’s, Rothchilds, etc. Stackers FTW!!!!!

  11. Thanks for nothing, Chilton…..  Bart Simpson could have done a better job….

  12. At last indeed Bart….At last.

  13. I’ve said it before, you either go along with the script, or you sleep with the fish. Take the money, or take the long walk off a short pier. Sad, disgusting, but fact.

  14. Be polite people. Why would he push through new position limits before leaving if he was a shill? Is it his fault the original rule was struck down? I bet nobody in here would be complaining if silver was a lot higher (and 90% of the population was killed in the aftermath of an EMP or whatever you are wishing for). Go bark at Gensler instead.

    • I hear you widget, I think many of us are just frustrated with the obvious manipulation/corruption and expected more from our so called ‘representatives’. It certainly feels like we are being setup for whatever nefarious shit is planned next. I care not…I choose to focus on self sufficiency and withdrawing from the corrupt system as much as possible. Probably not a coincidence that Bart choose November 5th for his announcement, considering the ANONYMOUS activity today…

    • Fair point widget, however I find the sycophantic tone nauseating. I’d love to know exactly what nine people (and that’s just those named) have actually done. What work have they put in to change some wording, really would be fascinating to see how they would account for their time and the money paid to them.
      I would venture this is just a small pocket of the vast suckling on the teat of .gov
      None of this is productive, enriches our lives, or is truly valid for humanity.
      Also why does he make a point of showing respect to those that have purposely made things difficult, who obviously have agendas to keep the status quo. I would have a great deal more respect for Bart if he took the gloves off.
      Frankly shameful don’t you think?

    • WHEN the position limits are in place fully and enforced across the board we can talk. Just like Gold being a tier one asset it has been long on talk and short on action. Bart can be proud and leave, then there will be some bogus excuse to not implement or enforce them.
       
      There are plenty of rules on the books making what happens every day illegal, and last I checked, the gong show continues. As has been stated, the manipulation of metals is done at the behest of the government as a control against competing currencies.

    • yeah right widget. Be polite….thats pretty funny. Look at his record dummy.

    • @bay-of-pigs What in his record exactly? Is it worse than any other government worker’s? Imagine the kind of opposition he meets, from the financial industry, his post-Goldman boss, the best buddys of the president (Dimon) and even the courts last year. Maybe he is just like anyone else, just trying his best but is not interested in working around the clock for no extra pay or gratitude. At least what I have seen from the meeting transcripts he has been on the right side and trying to push the issue forward.

    • That’s garbage. Who cares what the excuses are? He hasn’t done anything and he promised a lot. Give your head a shake.

  15. Bart’s self serving letter is consistent with his entire tenure at the CFTC: failure to even recognize the multi billion ounce paper farse that IS Comex.
    The operators have likely already set up the means to both comply with any proposed new positions regs while continuing the paper charade; Bart!
    A lawful metals exchange would require Delivery of a substantial portion of a futures contract. If these contracts imposed a 50% forfiture penalty if a  contract were rolled, the paper leveraged spec would either incur meaningful fiat loss or the exchange would be completely wiped out of its ‘inventory’ based on typical monthly contract volumes. consider the legitimate hedgers vs the fraudulent paper manipulators; whom would object to teeth behind a futures contract?
    Facts support the view that the Comex is completely devoid of legitimate participants.
     

  16. rats leaving a sinking ship

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