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Comment for Proposed Rule 75 FR 3281

  • From: Shane Woodard
    Organization(s):

    Comment No: 21
    Date: 1/14/2010

    Comment Text:

    i0-001
    COMMENT
    CL-00021
    From:
    Sent:
    To:
    Subject:
    shane@stellarforexconsulting.com
    Thursday, January 14, 2010 4:11 PM
    secretary
    Regulation of Retail Forex
    To Whom it May concern,
    I am very much opposed to the new regulation on leverage for retail Forex Traders. It is said that this will put in the
    necessary consumer protections. To protect consumers, or traders in this case, you do not need to penalize others.
    If your concern is that people will lose all of their money and by only allowing 10:1 leverage that you will keep this
    from happening is obsurd. The only thing it might do is lengthen the time it takes for the money to be lost. Maybe
    require they take a test ensuring that they know how to trade before they can actually open an account would be a
    better idea. There are just as many if not more people who make a living from Forex that you would hurt with this
    bill than help. Additionally, as with most laws of this sort, there will be ways to get around it like using Foreign
    brokers. If you really want to protect US consumers, why would you push us outside the US where regulations are
    less stringent. Please leave leverage requirements as they are and stop trying to put laws in place that assume that
    government knows what's best for me.
    Sincerely,
    Shane Woodard