Comment Text:
i0-001
COMMENT
CL-02747
From:
Sent:
To:
Subject:
Andrew Batha
Friday, January 22, 2010 2:26 PM
secretary
Regulation of Retail Forex
Dear CFTC,
I have just learned of the proposal to lower the allowed leverage in the forex
industry to 10-1. I must admit, I am a bit surprised that you are offering a period
of time for public commentary. People are so jaded about big government
deciding what is best for us, and trying to micro-manage the lives of Americans
(this kind of talk is all over the forums on this topic of the 10-1 leverage change),
when the myth always has been that we live in a free country, that I can't help but
think cynically of even your offer to hear what people think.
Look, don't pass this new 10-1 leverage thing. It has been well said on forums
what will happen: Americans will attempt to take their business offshore, and into
much less "protected" environments etc, but there is another issue with it, and it
has to do with credibility. You see your agency has no business regulating this
with the ostensible reason of protecting the public. That is the the public's own
job, thank you very much. People are getting darned tired of the government
passing regulation to tell us what to do.
And so if you do this, you undermine government credibility once again, at a time
when it is already going down the drain. You help nobody, and everybody is
saying that it will destroy the forex industry in America, and so goodbye to all the
jobs that went with it. Have some common sense, if not least for the damage it
will cost you in
Thank you for your time,
Andrew Batha
