Comment Text:
I urge you to curb excessive gambling in commodities markets, particularly in markets like food and oil.
It is clear that excessive speculation is responsible for part of today’s highly volatile commodity prices, as shown in dozens of studies by respected institutions such as Princeton, MIT, Petersen Institute, University of London, Yale, the United Nations and the U.S. Senate.
Speculation thus imposes financial hardships on families around the country. Sudden rises in gas and food prices force us to make difficult decisions and sacrifices. Especially right now, with so many families struggling, and unemployment barely beginning to decrease, we cannot allow speculators to unduly affect our food and gas prices.
The CFTC should put in place effective position limits rules and not allow exemptions or exceptions that undermine them. Banks, hedge funds other financial players, and particularly Wall Street gamblers should not be allowed to escape them.
Thank you for your consideration.
