(The following is a reformatted version of a statement
issued by CFTC Commissioner Bart Chilton and received via
electronic mail. The statement was confirmed.) 
Oct 16 2013 
Concurrence of Commissioner Bart Chilton
In the Matter of JPMorgan Chase, N.A. (“JPMorgan”) 
I concur with this Order. For too long, our manipulation
standard under the Commodity Exchange Act has been too high a
hurdle. Here’s the proof: we’ve only successfully litigated one
case in the Agency’s 38-year history. 
The authority being used in this instance--Section 6(c)(1) of
the Act and our Rule 180.1--is the result of a new Dodd-Frank
provision which provides the Commission with more flexibility to
go after reckless manipulation in markets. It is a provision I
supported and one championed by Senator Maria Cantwell. 
I’ve continually sought appropriate penalties for violations of
the Commodity Exchange Act. I still seek a statutory change from
our current puny penalty regime. That said, the $100 million
JPMorgan sanction, along with the banks’ admission of deploying
a recklessly aggressive trading strategy, seems an appropriate
amount for the egregious manipulative conduct that took place on
February 29, 2012. 
Admitting to these findings of fact needs to be something part
and parcel to these types of settlements. All too often, a firm
will neither admit nor deny any wrong doing. That needs to stop.
I’ve been calling for the Agency to ensure that this occurs and
commend the enforcement professional involved in this matter for
their work. I would not have supported the Order unless JPMorgan
had admitted to such findings of fact. Going to court on the
matter would have been an acceptable avenue from my perspective. 
Our Division of Enforcement has done an exemplary job on this
case. Doing so under normal circumstances is challenging, but
concluding this matter during the government shutdown is
extraordinary. I commend our Director of the Division of
Enforcement, David Meister, and the team that has worked on
this: Joan Manley and Paul Hayek, Saadeh Al-Jurf, Traci
Rodriguez, Allison Shealy and Dan Ullman. 
Finally, the day before the October 1st government shutdown, the
CFTC returned a billion dollars to the Treasury. These are
monies collected from various civil monetary penalties and
settlements. The following day, boom boom out went the lights at
the CFTC. Markets aren’t being watched by the Agency, and only
the most limited of functions are being carried out. The matter
today is a significant exception. 
All it would take to keep the Agency open and on the job is for
Congress to approve one single sentence to allow the CFTC use of
the types of funds we returned. We have at least $100 million
sitting there right now, unused, and with this settlement, there
will be an additional $100 million. 
This is a common sense provision that I, once again,
respectfully urge Congress to immediately consider. 
(bjh) NY 
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