Comment Text:
i0-001
COMMENT
CL-02965
From:
Sent:
To:
Cc:
Subject:
david bilyeu
Friday, January 22, 2010 7:04 PM
secretary
dave Bilyeu
Regulation of Retail Forex
Sir,
Re: RIN 3038-AC61
It has come to my attention that proposed regulation may have made a bad
situation worse. The most shocking proposai is:
"to collect security deposits in a minimum amount in order to
prudentiaiiy iimit the ieverage to their
customers on such
transactions at 10 to 1."
I, as a taxpayer and a govt. contractor (in Iraq), have a serious
probiem with this so-caiied "safety" reguiation. The way I see it, this
wiii oniy continue the economicai bieeding o~ the US economy. In so doing,
this wiii cause many investors...both smaii and iarge...to puii their ~unds
out o~ any/aii US Forex brokers and taking their accounts overseas. Doing
so wiii cause many smaii/medium Forex brokers to either reduce sta~,
increase ~ees, or go out o~ business. This wiii aiso increase the
unempioyment rate, which is aiready high within the ~inanciai worid.
Not saying that I would consider evading my income grom the IRS, but
since most overseas brokerages do not ogger 1099's, this will require more
labor/time/money grom IRS agents to track these overseas investors to recoup
taxes, who choose not to report said income.
Bottom line: We all already are warned by each Forex Brokerages about
the leveraged risk we take with our own gunds. Let us take this risk!!! Ig
we loose our gunds, we only have ourselves to blame. Stop treating us like
babies and let us take responsibility got our own actions
David Bilyeu
Forex Investor
Kansas...via Iraq
