Comment Text:
I urge you to curb excessive gambling in commodities markets such as food and oil. While many factors contribute to the current highly volatile commodity prices, excessive speculation is partially responsible, as has been documented in reports from institutions such as Princeton, MIT, the Petersen Institute, the University of London, Yale, the United Nations and the U.S.Senate.
Speculation imposes financial hardships on families at a time when jobless and poverty rates in the United States are already a major national concern. Sudden rises in gas and food prices force citizens to make difficult decisions at the survival level, and many families are also struggling with other survival costs such as housing and medical expenses. Adding unnecessary rises to food and oil prices makes no sense.
Please put in place effective position limits rules, and ensure that regulations do not allow these rules to be undermined by exemptions or exceptions; in particular, no exemptions should be given to banks, hedge funds or other financial players.
Thank you for your consideration.
Carol E. Smith
