Chilton Announces Surprise Departure from CFTC
![bart-chilton bart-chilton](/sites/default/files/styles/landscape_750_463/public/import/IMG/098/224098/bart-chilton-2-580x358.jpg.webp?itok=Y0Q5290l)
Chilton made the announcement after a rule regarding speculative position limits was passed by the CFTC, an issue that he regarded as being his primary concern during his time at the agency.
"For two reasons, this is a significant day for me," said Chilton, in a speech during a CFTC Dodd-Frank Act meeting yesterday. "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."
Office Guitars
Chilton established a reputation as being one of the more colorful characters in financial regulation during his tenure at the CFTC. Often mixing modern rock references with playful metaphors about 'cheetahs', in reference to high-frequency traders, he quickly became one of the fiercest critics of the industry, and one of the strongest proponents of stricter regulation to protect consumers.
Appointed by President Barack Obama in 2007, and confirmed by a Senate majority, Chilton entered the CFTC during one of its more transitive and difficult periods during the height of the financial crisis. As a Democrat on the five-person body of commissioners responsible for voting through measures, he frequently voted for more stringent oversight, as well as in support of more radical measures such as the establishment of swap execution facilities (SEFs), after years of debate.
His sometimes-startling rhetoric was well known for its casual and humorous tone, backed up by anecdotes often heard around the industry such as the guitar he kept in his office, a penchant for cowboy boots, and his untraditional shoulder-length blonde hair.
Attrition Effect
Attending Purdue University and reading political science in 1979, Chilton dropped out before completion to staff political campaigns for the Democratic Party. From 1985-1995, he worked in the US House of Representatives, and eventually found his way to the US Department of Agriculture. He served in senior roles there, including deputy chief of staff to US Secretary of Agriculture, Dan Glickman, before serving from 2001-2005 as a senior advisor to Senator Tom Daschle. From 2005 until his confirmation as a CFTC commissioner, he worked at the Farm Credit Administration, and then as chief of staff and vice president of governmental relations at the National Farmers Union.
Chilton's departure, along with the end of term for chair Gary Gensler, and the earlier resignation of Jill Sommers, leaves just two serving commissioners at the CFTC─independent Mark Wetjen, and Republican Scott O'Malia, who has been mentioned in the press as a possible contender for the top spot at the agency.
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