Comment Text:
To whom it may concern
I register with great appreciation that your Commission's endeavors to implement the Dodd-Frank Act. I would like to urge you to implement with particular determination the reforms aiming to limit the excessive speculation in food and energy commodities.
There is no doubt that food and energy price rises are partly caused by growing demand due to population growth, but the situation has been made worse (e.g. 2008), in particular concerning volatility, by market speculation. This is clearly shown by studies conducted at research institutes such as Princeton, MIT, Citigroup, the Petersen Institute, the University of London, Yale, UNCTAD, the FAO, and the U.S. Senate.
Therefore I would like to urge your Commission to implement the rules very toughly, especially in regards to bona fide hedging exemptions. Please define bona fide hedging very tight and allow it only to businesses that deal in physical commodities (like farms, gas stations, etc.). Please do not allow banks, hedge funds and other financial players to be defined as bona fide hedgers. They are not.
America has often been a torch-bearing, shining pioneer of progress and humanity; this is another great occasion to take up this role and show some exemplary behavior. The world is looking at your commission.
Yours sincerely
Moritz Schick
