Comment Text:
10-002
COMMENT
CL-08311
From:
Sent:
To:
Subject:
Attach:
Michelle Knight
Monday, April 26, 2010 6:10 PM
secretary
Proposed federal speculative position limits for referenced energy contracts and
associated regulations
CFTC Letter.doc
Please see attached.
Thank you very much,
Michelle Melcher Knight, MSW
Advocacy/Outreach Associate
Columban Center for Advocacy and Outreach
Missionary Society of St. Columban
1320 Fenwick Lane, Suite 405
Silver Spring, MD 20910
301-565-4547
[email protected]
Find us on Facebook!COLUMBAN CENTER FOR ADVOCACY AND OUTREACH
April 19, 2010
Dear Secretary Stawick:
As director of the Columban Center for Advocacy and Outreach, I am writing to show support
for the Commodity Futures Trading Commission's (CFTC) effort to close the "Enron Loophole"
and set aggregate position limits. Additionally, we support the CFTC's proposal to set position
limits on agricultural soft commodities.
We are an international Catholic mission society of priests and lay missionaries who serve in 15
countries, including the United States. As communities and people of faith, we firmly stand
behind and advocate with those who are poor and vulnerable around the world. Having the U.S.
commodity market for energy and food--one of the most influential around the world--
dominated by big financial institutions endangers the livelihoods of low-income farmers and
consumers throughout the world.
As seen in the past, particularly in 2008 when food and oil prices skyrocketed, the two-thirds of
developing countries dependent on food and energy imports are heavily affected by financial
speculation in the agriculture and energy markets. When energy costs rise rapidly, the cost of
production and the cost of living for farmers greatly increase, threatening food security. In order
for farmers around the world to market their products at fair and predictable prices, a well
functioning commodity market must be in place.
In his 2009 Encyclical
Caritas in Veritate,
Pope Benedict XVI said, "Once profit becomes the
exclusive goal, if it is produced by improper means and without the common good as its ultimate
end, it risks destroying wealth and creating poverty." As Catholics, we hold our financial
institutions responsible and work to keep our commodity markets functioning for the benefit of
all not, for the gain of a few.
On behalf of the communities we serve worldwide, we support your effort to close the "Enron
Loophole" and set aggregate position limits and respectfully urge the CFTC to also set position
limits on agricultural soft commodities.
Sincerely,
Amy Woolam Echeverria
Director
Columban Center for Advocacy and Outreach
amywe@columban, org
1320 Fenwick Ln.,
Suite 405 o:o Silver Spring,
MD 20910
301.565.4547 o:o
www.columban.orq
