Even as the CFTC is doing its best to postpone indefinitely (and hopefully infinitely) a review of limit speculative positions held by commodity traders (read JPM), commissioner Bart Chilton, who really should shut up if he knows what is good for him, told the CFTC to instead act quickly and actually do something right for investor protection for once (not necessarily in those words). From Reuters: "The regulator, which has a mid-January deadline, has been pushing back the date to propose new speculative limits in energy and metals markets, and so far has not given a time for when it will be introduced. This proposal should be discussed on December 9th at the commission's next meeting; a proposal should be put out for public comment as soon as possible; and we should commit to meeting the statutory deadline," said Bart Chilton, a CFTC commissioner. "We can always find excuses, justifications, or pretexts for inaction -- this rule is too important to let any of those get in the way of fulfilling our statutory responsibilities, and keeping our promise." The problem is that none of "those" are standing in the way of fulfilling statutory responsibilities: there are only two things that are standing in the way, and they are called Jamie Dimon and Blythe Masters.
More from Reuters:
The Wall Street reform law gives the CFTC power to impose position limits for all commodities across exchange-traded and over-the-counter markets.
It gave the CFTC 180 days to have the new rule in place for energy and metals markets, and 270 days for limits in agricultural markets.
The CFTC has grappled with how to police and set the limits, part of a broader push by the agency to implement rules to overhaul the $600 trillion over-the-counter swaps market under the Dodd-Frank financial law enacted in July.
Fellow CFTC commissioners Scott O'Malia and Jill Sommers were less optimistic about meeting the January deadline.
"At this point we're not going to make the deadline," Sommers told Reuters on Wednesday. "I don't see how we make the January deadline."
And just like yesterday the SEC blamed its exorbitant porn subscription charges as taking away from its $1.2 billion budget, and making it impossible for the world's most corrupt agency to do its job, we expect the second most corrupt and inefficient bureaucracy (headed by a former Goldman partner no less), to soon scream bloody murder that it is incapable of doing its criminal job with only a few hundred million taxpayer dollars in its coffers.