Bart Chilton asked twice to the staff if the CFTC could change the position limits at any time after the first 60 days(they aren't setting any limits until 60 says after the CFTC defines "swap contracts"), even though the timing of changing the limits is to be reviewed every year, he was not answered affirmatively either time and then stated for the record that the CFTC may change the limits using plenary authority. Kudos to him making the point that with a majority vote position limits can be changed moving forward.

Chilton just made the point that "he knows pornography when he sees it (a reference to Potter Stewarts famous quote about legislating pornography, and (I'm paraphrasing here) he can see pornography when there are entities that control 80% of a market.

The new regulations just passed 3 to 2.

Now let's see how long it takes them to define swaps.

I'd love to hear what Ted Butler thinks about this hearing.