“Turkey Soup”

Opening Statement of Commissioner Bart Chilton Before the Open Meeting on the Sixth Series of Proposed Rulemakings Under the Wall Street Reform and Consumer Protection Act

December 1, 2010

Thank you, Mr. Chairman.  I hope that everyone had a good Thanksgiving.  I was thinking of how my mother used to take what was left of the Thanksgiving turkey carcass and make it into a delicious turkey soup sometime later.  As the carcass simmered, the meat that was left would fall off the bones and the aroma and the flavor were both terrific.

The flavor of what we’re doing here, I suppose, is just the opposite.  We’re putting meat on the bones of this new law.  ‘Course, we don’t want to wind up with a turkey when we’re done and I don’t think we will both because of the great work the staff is doing and the public input we’ve received.

I’m particularly glad that we’re further defining today various categories of market participants like swap dealers and major swap participants.  One thing that’s been evident in some of the public comment we’ve received is that a lot of folks think that the line for regulation starts right behind them!  Clearly, that can’t always be the case and I think today is one of those bellwether days that will bring further clarity to the new law and end some of the guessing that’s been going on in the industry.  That’s what we’re after:  clarity.  It’s good for markets.  It’s good for participants and it’s good for consumers.  Maybe the process has looked a little like soup to some of you but, even it is soup, the broth is becoming clearer and clearer.

So, I look forward to the presentations and to the discussion on these important rules before us today.

Thank you.

Last Updated: December 1, 2010