Comment Text:
i0-001
COMMENT
CL-03036
From:
Sent:
To:
Subject:
paul Ambrose
Friday, January 22, 2010 9:42 PM
secreta ry < secreta ry@ C FTC. g ov >
Regulation of Retail Forex
Dear Sirs,
As a result of high self-employment tax and the 2008 liquidity crisis, I was eventually forced
togiveup my job as a self-employed carpenter/contractor. Instead, I left the US and moved
overseas to seek outsourcing work as a freelance writer.
After several years working overseas as a freelance writer and making very little money, I had
hoped to return to the US and receive a loan to start a small publishing business. President
Obama's new administration seemed to promise this for me and yet I found that I could still not
get a loan to fund my business in 2009.
As a result, in October of 2009, I decided to take up Forex trading. I studied the field of currency
exchange for several months and became more adept at predicting the fluctuations. I am JUST
NOW on the cusp of being able to make enough money in Forex to fund my publishing business
and to start hiring others to help me.
At this critical point, I am now learning that President Obama intends to halt this means of income
for investors and that a bill to regulate forex leverage 10:1 has already been in the works through
the CFTC. Even in the face of a failing plan to extend loans to small businesses and the inability to
improve the job market in the US, how can Obama and the CFTC propose such a thing and limit
small investors? Bank regulation is one thing but the destruction of capitalism is another.
In reference to the ID# RIN 3038-AC61, I decided to write to you and simply ask, is the
CFTC trying to destroy every possible means that Americans have to earn a living and provide jobs
to others? Surely the passage of a bill to limit leverage to 10:1 in Forex will destroy my small
business and I have no other foreseeable way of raising capital. Anything Ican do to stop this
regulation will be of great interest to me and I could, in fact live with a bill which provided 50:1
leverage rather than just 10:1.
Thank you for your concern
-Paul Ambrose
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