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.
We cannot afford a repeat of the 2008 food and gas price bubbles.
Speculation thus imposes financial hardships on families around the country and the globe. Sudden rises in gas and food prices force us to make difficult decisions and sacrifices. People need food and energy to survive, we cannot allow speculators to arbitrarily and unfairly affect our food and gas prices so that a very few will make obscene amounts of money.
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. There is no justification for exemptions and exceptions that will hurt so many people.
Thank you for your consideration.
