CFTC Commissioner Chilton Delivers Speech with Bruce Springsteen References

CFTC Commissioner Bart Chilton spoke before the Society of American Business Editors and Writers about the financial industry regulatory environment while displaying his familiarity with the oeuvre of Bruce Springsteen. Commissioner Chilton began by criticizing the free-market approach during the "Decade of Deregulation" between 1997 and 2007, which created some "Rocky Ground". He explained that while Dodd-Frank provided much-needed regulation and safeguards for the financial industry, or what Chilton referred to as the "Better Days"; one problem that persistently remains "Across the Border" is global harmonization of compliance rules. Commissioner Chilton stated that global markets are "Open All Night", meaning financial markets are not "Worlds Apart", markets in Chicago directly impact markets in London or Tokyo. The European Union has been very responsive to talks about harmonizing global financial rules, yet more needs to be done.

Additionally, Commissioner Chilton discussed the need for strict language in the Volcker Rule. He explained that there is a potential for a massive loophole caused by lax definition of what constitutes a bank's "risk". Without a clear workable definition of proprietary risk, it would allow banks to speculate markets for their own interest while potentially sacrificing the interests of their customers.

Lastly, Commissioner Chilton expressed a concern that Americans are getting used to this financial culture of corruption and that regulators and consumers are not doing enough about it. He stated that unless there is greater public awareness, regulators and the media by default create a "decision that what is happening is tolerable." He told you journalists "You've Got It" regarding the ability to keep reporting on bad actors, and to keep holding people accountable for corrupt actions.

See: Commissioner Chilton Speech: The Boss.