Speaking at the Futures Industry Association Expo in Chicago today, Commodity Futures Trading Commission Acting Chairman Walter Lukken said we must take the “necessary steps to repair the financial system and regain America’s trust and confidence in our markets.” He said “courageous regulatory reform is needed” that involves scrapping both the CFTC and SEC in favor of an “objectives-based regulatory system consisting of three primary authorities: a new Systemic Risk Regulator, a new Market Integrity Regulator and a new Investor Protection Regulator.” Read full text of his speech.

Also speaking at FIA Expo, Dennis Gartman, Editor and Publisher of the Gartman Letter, said given a Democratic president and Congress, there is no question we are going to face “a huge increase” in regulation. He’s not sure what it will be, but said those in the futures industry “will survive it.” He also said it’s “abundantly clear without a doubt we in a serious recession” and predicts the nation’s unemployment rate could rise to as much as 8% before we start to pull out of it.