Statement of Commissioner Bart Chilton before the CFTC Public Meeting,June 14, 2011.
We are taking these actions today out of necessity in an effort to provide time to craft thoughtful regulations and, to the extent practical, give some certainty to those impacted by the rules. However, we can’t sit back. We need to push the pedal down and make time to finalize thoughtful rules as soon as possible. Markets are not much safer than they were when the economic meltdown occurred. We still aren’t seeing into dark over-the-counter markets like we should, much less regulating them. We still lack limits on excessive speculation that is impacting consumers who at times are paying a Wall Street premium, and we have not addressed super fast cheetah traders who may be instigating mini flash crashes or posing risks to markets, and therefore consumers.