Commissioner Chilton Speech Titled "KISS"

CFTC Commissioner Bart Chilton delivered a speech at the Federal Reserve Bank of St. Louis discussing the Volcker Rule and saying there was a need to "keep it simple stupid" ("KISS").

Commissioner Chilton criticized the degree of wealth and income inequality in America, describing it as "mind-blowing," "not good news at all," and "whacked." He indicated concern over the revival of the U.S. economy, noting that, while the unemployment rate had gone down that reduction may have been "only because more people stopped looking for work and were no longer counted as unemployed. WAH, WAH, WAH." He went on to criticize the financial industry, saying that "more financial sector malfeasance is going on than ever before. Heck, I wrote a book called 'Ponzimonium: How Scam Artists Are Ripping Off America' in the wake of the Madoff scam."

On the issue of Dodd-Frank rule adoption, he indicated that the CFTC was the leader among all federal agencies in adopting Dodd-Frank rules, but said that the agency had slowed in this regard. Specifically, he said, "It’s been a long time since we rock n' rolled."

View speech in full here (links externally to CFTC website).