Comment Text:
10-001
COMMENT
CL-02401
From:
Sent:
To:
Subject:
al wolinski
Friday, January 22, 2010 12:55 AM
secretary
Regulation of Retail Forex: RIN 3038-AC61
To Whom It May Concern:
I am writing to you today in response to the proposed regulation to limit trading leverage in Forex to
10:1 in the US. This is just overkill. I understand that the government wants to curb risky behavior by
large banks with it's new legislation of the financial markets but this measure is just too much. We
needed regulation ten years ago. This is like throwing the baby out with the bath water. The government
created this mess with too little regulation and now they want to fix the problem with too much
regulation? Laissez-faire!
This move will make it more difficult for our banks to operate globally by increasing margins and
decreasing liquidity, making it harder for us to compete in the largest market in the world. I am all for
reinstating the Glass-Steagall act but this proposal is going after the wrong business sector. Let the
government curb excessive risk on Wall St. This move will only deter investment and place American
financial institutions at a disadvantage to the rest of the world. Multi-national corporations in the US
rely on the Forex markets to hedge exchange rate risk. We are trying to return to healthy risk appetite
and healthy risk behavior, not bulimia followed by anorexia nervosa. This proposal is ridiculous.
-Forex Trader
