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CFTC Commissioner Bart Chilton says he will step down

WASHINGTON, Nov. 5 (UPI) -- U.S. Commodities Future Trading Commissioner Bart Chilton said Tuesday he had informed President Obama that he plans to resign his position soon.

"Early this morning, I sent a letter to the president expressing my intent to leave the agency in the near future," Chilton said at an agency meeting in Washington.

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"I've waited until now -- today -- to get this proposed rule out the door and now -- at last -- with the process coming nearly full circle, I can leave," he said, referring to a proposal to cap commodity positions that would apply to the market's largest traders.

Chilton is the second of four commissioners planning to exit the agency. Chairman Gary Gensler is leaving the CFTC at the end of the year, The Wall Street Journal reported.

Chilton's exit leaves commissioners Scott O'Malia and Mark Wetjen, respectively, a Republican and a Democrat.

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