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CFTC's Chilton Says He Will Step Down

By Kitco News
Tuesday November 5, 2013 11:05 AM

(Kitco News) - Commodity Futures Trading Commissioner Bart Chilton said Tuesday he is leaving the agency “in the near future.”

Chilton announced the decision in a prepared statement ahead of the CFTC meeting on position limits, part of the Dodd-Frank financial reform.

“Early this morning, I sent a letter to the President (Obama) 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,” Chilton said.

He called the rule on speculative position limits “the signal rule of my tenure at the commission,” and said he has been working on it since 2008.

Under the proposal being voted on Tuesday, the CFTC would enforce position limits on commodities. This is the second time the CFTC has tried to enforce a rule on position limits. Previously a federal judge rejected a version of the rule, saying the CFTC didn’t show why the limits were needed.

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By Debbie Carlson dcarlson@kitco.com

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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