September 13, 2011

“Expect the Unexpected” (Bart Chilton, CFTC Commissioner) (Speech)

"Expect the Unexpected", Speech by CFTC Commissioner Bart Chilton

September 9, 2011

In a wide-ranging speech, CFTC Commissioner Bart Chilton, a Democrat, claims that the economic meltdown of 2008 was caused by "government getting out of the way." He observes that today "this industry, this exchange-trading of swaps, will be built from the ground up." with statutory dictates and new government requirements for "swaps execution facilities" and "swaps data repositories," and that "all of these entities-and the participants-will be registered with the Commission and will require staff to ensure compliance with federal mandates. As this new industry develops, I am fully confident that 'better mousetraps' will be developed . . . . and that these new regulations-instituting new types of clearing, trading, and reporting platforms-will foster a landslide of hiring in the financial sector."

Cross References: Dodd-Frank Act, Title VII

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