Comment Text:
i0-001
COMMENT
CL-00344
From:
Sent:
To:
Subject:
stelmarl @comcast.net
Monday, January 18, 2010 3:23 PM
secretary
Public Comment Form
Below is the result of your feedback form. It was submitted by
(stelmarl @comcast.net) on Monday, January 18, 2010 at 15:22:46
commenter_subject: Regulation of Retail Forex
commenter_frdate: January 13, 2010
commenter_frpage: RIN-AC61
commenter comments:
David Stawick
Secretary, CFTC
Sir:
I am alarmed by the proposal to further regulate
the forex industry, and specifically the proposed
margin requirements for retail traders.
Until I began to trade the forex market I was
barely subsisting on $1,500 per month, (at the
expense of a depleted Social Security system), and
paying very little in taxes. Forex, at current
margins, gave me the opportunity to earn a
substantial income, from which the U.S. Treasury
Department extracts substantial taxes. If the
proposed regulation becomes law, with margins
reduced to 10:1, I and many others will not be
willing to risk our capital, in order to earn the
much reduced income. We will simply leave the
market entirely. Then the Treasury department will
support me, and I will contribute very little in
taxes, just as before.
The proposed legislation will adversely affect a
multitude of retail traders, brokers and market
makers who support retail forex, and in a way that
can only be financially detrimental to the U.S.
economy, which is already strained to the maximum.
Those of us who risk our capital do so willingly,
and are aware of the risks. We do not want or needi0-001
COMMENT
CL-00344
the government to protect us from ourselves. If the
CFTC truly desires to regulate fraud and excesses,
may I suggest a stricter and more consistent
enforcement of the laws currently on the books. Not
by destroying another free enterprise vehicle that
contributes tax dollars.
Respectfully,
Peter M. Stellas
commenter name: Peter M Stellas
commenter addressl: 1211 169th Place NE
commenter_city: Bellevue
commenter state: WA
commenter zip: 98008
commenter~ohone: 425-681-1794
