Commissioner Christopher Giancarlo of the Commodity Futures Trading Commission delivered the morning keynote address at the Cato Institute’s Center for Monetary and Financial Alternatives’ recent Capital Unbound summit in New York. His remarks applied the principles of individual liberty, limited government, and peace—principles that Cato’s namesake, Cato the Younger, steadfastly stood for–to today’s capital markets.
Commissioner Giancarlo also addressed issues such as the slow economic recovery from the last recession, noting that “the plethora of federal regulations is a major drag on the U.S. economy. Regulations now cost the U.S. more than 12 percent of GDP, or $2 trillion annually.” Reviewing the shortcomings of the Dodd-Frank Act, he observed that the route to genuine reform “lies in economic freedom and opportunity: the same combination of ingredients that invariably leads to more prosperity – even for the poor – than does centralized political planning.”
He called for all Americans to “reject the false promise of government provided safety, security and a riskless future and, instead, hold fast to personal liberty, free markets and the fruits of their own hard work and ingenuity.”