The Commodity Futures Trading Commission will soon be down another member. At a public meeting on Tuesday morning, Commissioner Bart Chilton announced that he has informed President Barack Obama of his intention to step down.

Details of Chilton's future plans, or timeline for remaining on the Commission, were not announced. He referred to his departure date as “in the near future.”

Chilton's announcement, perhaps symbolically, came prior to the Commission's approval of a draft proposal to impose limits on physical commodity trades, a cause he continually fought for throughout his time with the CFTC. That proposal is a second attempt at setting position limits after an initial try, as mandated by the Dodd-Frank Act, was tossed out by a successful legal challenge.

"This will be my last Dodd-Frank meeting," Chilton said. "Early this morning, I sent a letter to the President expressing my intent to leave the Agency in the near future. I've waited until now—today—to get this proposed rule  out the door, and now—at last—with the process coming nearly full circle, I can leave."

Chilton, known for his pop culture filled speeches and statements – often using song lyrics and movie quotes to explain complex derivatives and commodities trading topics – is the author of “Ponzimonium: How Scam Artists Are Ripping Off America.” Prior to joining the Commission, as a Democrat appointee of President George W. Bush, he was deputy chief of staff for former U.S. Secretary of Agriculture Dan Glickman, a senior advisor to former senator Tom Daschle, and chief of staff for the National Farmers Union.

Chilton's departure will leave yet another seat open on the Commission. Earlier this year, Jill Sommers, a Republican, also moved on and her seat has yet to be filled. It is also expected, although not directly confirmed, that Chairman Gary Gelsler will leave by the end of this year after overseeing the completion of nearly all  the CFTC's Dodd-Frank Act mandated rulemaking. The commission is currently down one member after Republican Jill Sommers left earlier this year.

“I know this has been a remarkable journey, not just on position limits, but with everything you've done to look out for the public and look out for the investor, with your eye on the ball of reform,” Gesler told Chilton at the meeting. “You've been a remarkable partner.”