WASHINGTON, April 14 Bart Chilton, an outspoken
former regulator who spent more than six years as a member of
the U.S. Commodity Futures Trading Commission, will join the law
firm DLA Piper, the company said on Monday.
Chilton, a Democrat who left the CFTC last month, witnessed
its transition from a little-watched overseer of futures markets
into a powerful body put in charge of the $690 trillion swaps
market after the credit crisis.
"Bart will be an invaluable resource for clients who will be
subject to increased regulation over the next few years," the
firm said in a statement.
Chilton, currently working on a book called "Theft" about
how Wall Street and Washington intersect, will work in the swaps
practice of DLA Piper, which has grown into one of the largest
law firms in the world in the past decade.
He will also work on "thorny issues" related to how the U.S.
rules for derivatives apply abroad.
In his speeches as a regulator, Chilton frequently spoke out
against the influence of speculators and high-frequency traders
on commodity markets, defending the interests of farmers and
others who use derivatives to hedge price risks.
Often an outspoken critic of large banks, Chilton had urged
the U.S. Federal Reserve to reverse its policy of allowing
investment banks' widespread activities in commodities, saying
it created a conflict of interest.
Brewing companies last year complained before Congress that
banks were pushing up the price of aluminum, which is used to
make beer cans, by delaying delivery times and creating long
queues for the metals warehouses the banks own.
(Reporting by Douwe Miedema; Editing by Leslie Adler)