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In letter to Fed, Chilton blasts big banks' evasion of trading regulations Submitted by cpowell on 06:47AM ET Monday, August 5, 2013. Section: Daily Dispatches CFTC's Chilton Says He Won't Back Current Volcker Rule By Lori Ann LaRocco CNBC, New York Monday, August 5, 2013 http://www.cnbc.com/id/100937811 CNBC learned today Bart Chilton, commissioner of the Commodities Futures Trading Commission, has sent a letter to Federal Reserve Chairman Ben Bernanke urging the Fed to firmly draft the final Volcker Rule in a way that ensures banks can no longer speculate in commodity markets. Chilton stressed in the letter it was critically important to have the rule which would define the scope of the bank's "risk-mitigating activity." Five federal financial regulatory agencies, including Chilton's CFTC, must approve the rule before it is implemented. CNBC has obtained a copy of the letter where Chilton outlined the basis of the p

CFTC's Chilton wants banks out of commodities -- gold and silver too Submitted by cpowell on 05:55AM ET Monday, August 5, 2013. Section: Daily Dispatches Fed Should Reverse Commodity-Trading Policy, CFTC's Chilton Says By Silla Brush Bloomberg News Monday, August 5, 2013 http://www.bloomberg.com/news/2013-08-05/fed-should-reverse-commodity-tr... WASHINGTON -- The Federal Reserve should reverse a decade-old ruling that allows banks to trade physical commodities, said Bart Chilton, a Commodity Futures Trading Commission member. The central bank's 2003 decision and subsequent ones allowed firms including Citigroup Inc., JPMorgan Chase & Co., and Morgan Stanley to expand into commodities markets. The Fed said last month that it's reviewing the policy amid Senate scrutiny of whether it allows Wall Street firms to control prices. "I don't want a bank owning an electric service, or cotton, corn or feedlots," Chilton, a Dem