Bart Chilton Going Out On A High Note


The outspoken, flaxen-maned regulator is not going to be chairman of the CFTC. So, with this, he's achieved all he will achieve, and will take his bows, depriving the financial world of a second hirsute overseer in as many days.

Mr. Chilton’s surprise exit from the C.F.T.C., where he has served as the agency’s most liberal commissioner since 2007, coincided with the agency’s decision to propose a rule that he long championed. The so-called position limits proposal would rein in speculative commodities trading, which has been blamed for pinching consumers at the gas pump and the grocery store….

“I’m reminded of the old Etta James song, ‘At Last,’” said Mr. Chilton, one of the agency’s three Democratic members. “At last, we’ve got this rule here,” and at last, he would be leaving the C.F.T.C….

If Mr. Chilton and Mr. Gensler leave before their replacements are picked, the five-member agency will be down to just two commissioners: one Democrat, Mark Wetjen, and one Republican, Scott O’Malia.

In Surprise Exit, Bart Chilton to Depart Futures Commission [DealBook]
U.S. regulator revives plan to limit excessive commodity bets [Reuters]