CFTC Commissioner Bart Chilton Talks Benefits Of New Global Swaps Regulations That Passed 3-1 Today

The Commodities Futures Trading Commission's Bart Chilton pushed to pass new regulations on swaps trades on a global scale on CNBC's Squawk Box this morning. Today, the regulations passed 3-1. Related: Sen. Elizabeth Warren (D-MA) Defends 21st Century Glass-Steagall Act "We are doing a cross-border guidance for swaps trading. So, you know, risk knows no bound as we recall from 2008. But what we're doing specifically is we are phasing in our effective dates," Said Chilton. According to Chilton, this regulation is more "cognizant" of what's happening globally. "I look at global regulation sort of like Field of Dreams," said Chilton. "Remember where the voice from the corn says 'If you build it, he will come' -- if we in the EU build global mark regulation, I think the rest of the world will come. That's good for markets, it's good for economy, and I think it's good for consumers ultimately." The regulation, part of the Dodd-Frank Act, is aimed at "a global network of fairly harmonized rules and regulations," Chilton said. In total, the new rules will take a total of seven months to phase in.