CFTC Commissioner Bart Chilton, who is known as one who freely speaks his mind, said that "Wall Street is taking us to court to keep us from implementing the rule," referring to rules the CFTC wants to adopt that would limit oil and other commodities speculators to 10% of the market. Appearing on CNBC, Chilton admitted the need for speculators in the markets - "there’s no markets without them" - but he reiterated his concern (he cannot speak for the all CFTC Commissioners) that, "It’s the excessive speculation we’re concerned about" because of the roller-coaster effect it is having on gasoline prices at the pump. Adopted Rule Has Not Been Implemented. The CFTC has had a rule in place that limits commodities exposure to 10% since October - i.e., that's when it was adopted - but the Commission has not been able to implement it because "Wall Street is taking us to court" to block implementation. At a recent New York financial conference Chilton said that regulators are "paralyzed" by the threat of lawsuits from Wall Street firms that want to slow or stop the rollout of the rules because they would crimp their bottom line.  If regulators live in fear of a lawsuit alleging they failed to consider sufficiently the costs and benefits of a rule, rulemaking slows or halts and opponents have succeeded, Chilton said. Chilton was referring to the financial industry's claim that the CFTC, among other things, hadn't conducted sufficient cost-benefit analysis of the tough "position limits" plan, which they say would reduce liquidity and increase volatility. Chilton added: "... regulators need to keep our eye on the ball and not be scared into making rules and regulations weak or ineffective because we are overly concerned about what we call 'litigation risk.'"  In any case, he claims the CFTC follows the proper requirements for assessing the cost-benefit analysis.      [CNBC, 3/8/12].