Comment Text:
I urge you to curb excessive gambling in commodities markets like food and oil.
While many factors contribute to today’s highly volatile commodity prices, it is clear that excessive speculation is partially responsible, 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 and throughout the world. 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. Impacts of speculation across the globe can destabilize nations and regions and put our own security at risk.
Commodity trading was put into place in the 1930s to protect farmers and to stabilize food prices. When properly regulated, this system can work. However, when speculators are allowed to control too much of the market, instability becomes more likely. Please operate the system for the benefit of the general public and for the safety and security of our nation. The role of investment banks, hedge funds, or other financial players should only be to promote public benefits.
Please put in place effective position limits rules, and do not allow them to be undermined by exemptions or exceptions, or allow Wall Street gamblers to escape them.
Thank you for your consideration.
