Comment Text:
My name is Elaine Rourke, and I am retired and living on a pension and savings. I live in a rural community, which requires that I drive significant distances to purchase groceries or other necessary goods. I urge you to establish meaningful requirements to curb excessive gambling in commodities markets like food and oil.
Excessive speculation is partially responsible for 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.
The significant increases in commodity prices caused by speculation impose financial hardships on families around the country. Sharp speculation-driven rises in fuel prices cause particular hardship in that prices for many other goods and services are also affected by these increases, multiplying the impact on families, individuals, and small businesses. Sudden rises in gas and food prices force many to make difficult decisions and sacrifices. It is particularly unconscionable that these sacrifices must be made by working and middle class families for the enrichment of wealthy speculators.
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. The CFTC should not allow exemptions or exceptions that undermine the rule, and should not give any exemptions to banks, hedge funds or other financial players.
Thank you for your consideration.
