Boom, Boom, Out Go the Lights
Statement of CFTC Commissioner Bart Chilton
September 20, 2013
On September 30th, at the stroke of midnight, our country will face a government shutdown unless a continuing resolution to fund it is adopted. That would be grave news for consumers.
Under a shutdown scenario, government regulators will be handcuffed in our ability to go after crooks who are trying to evade our oversight and protection of markets. You can bet the “do-badders” are licking their chops.
The dark markets that Dodd-Frank brought into the light of day will go dark again. The lights will go out. Given the huge growth in the derivatives industry and our new oversight of swaps, CFTC’s market oversight functions are more important than ever. Taking our cops off the beat for even a few days could have disastrous impacts on these markets that consumers depend upon.
In the longer term, I remain concerned about the stagnant budgetary circumstances and am convinced that a targeted transaction fee on trading, like the one the President has proposed to Congress, is needed to fund the agency and keep the markets safe. But for now, let’s avoid a “Boom, Boom, Out Go the Lights” debacle, and hope a deal can be reached to keep the lights on.
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