CFTC’s Chilton To Resign Friday

Mar 18 2014 | 10:24am ET

After sticking around for an extra few months to see the Volcker rule through, Bart Chilton will leave the Commodity Futures Trading Commission at the end of the week.

Chilton, who has served as a CFTC commissioner for seven years, had planned to leave last year. But he agreed, at the urging of lawmakers, to remain on until the final approval of the Volcker rule—which strictly limits banks’ alternative investment activities and bars them from proprietary trading—in December, as well as until a successor was identified.

That has also now come, with President Barack Obama’s nomination of Latham & Watkins lawyer Sharon Bowen to fill his seat. But Bowen, CFTC Chairman-designate Timothy Massad and Republican nominee J. Christopher Giancarlo are all awaiting confirmation by the Senate, which means that Chilton’s exit will leave the CFTC with just two commissioners, led by acting Chairman Mark Wetjen.

Chilton said he plans to write a book about how power-brokers affected regulatory policy before, during and after the economic crises. Chilton has been one of the toughest voices on the commission for strict regulation.

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