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November 21, 2013

CFTC’s Chilton Says He’d Vote Against Current Volcker Rule

The Volcker rule that U.S. regulators are trying to complete this year doesn’t do enough to limits banks’ ability to make speculative bets, said Bart Chilton, a member of the U.S. Commodity Futures Trading Commission.

“’There would be no sense even doing a final rule if what is currently being considered on hedging remains the same,’ said Chilton, referring to the rule banning proprietary trading, in a telephone interview today. He said he is prepared to vote against the rule as it’s currently drafted.

“’If we voted on it today, I’d oppose it,’ he said. ‘It opens the door for proprietary speculative bets under the guise of hedging, exactly what Congress told us to avoid.’

“His comments raise questions about whether five U.S. financial regulators, including the Federal Reserve and Securities and Exchange Commission, can meet a White House-imposed year-end deadline for completing the Dodd-Frank Act regulation.”

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Read full Bloomberg article here

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