Comment Text:
i0-001
COMMENT
CL-03870
From:
Sent:
To:
Subject:
Erica Kloner
Monday, January 25, 2010 6:22 PM
secretary
Proposed Foreign Currency Market Rules
To Whom It May Concern:
While I, like most all Americans, can appreciate the great strives we are currently making in getting the
financial markets regulated, I truly believe the CFTC is trying to "overcorrect" past regulation (or lack
thereof) with the proposed foreign currency rules. By lowering forex leverage so dramatically, you are
not protecting the consumer at any level. All the consumer has to do is trade with a foreign, less-
regulated broker, which exposes him to more risk and is blantantly counter-productive. Additionally, it
will drive American firms oversees who wish to stay in business, and those who cannot do so will close
their doors, costing American jobs and taxable revenue in both scenarios.
This move on the part of the CFTC is one of the worst proposals I've seen come down in the rush to gain
more oversight over the financial markets. If passed, you are only creating collateral damage at a time
when regulators need to be making well-informed, well-thought out decisions that have a positive, long-
term effect on this country.
Please revise this proposal to exclude the leverage reduction, it's a no-win situation for consumers,
brokers, and the American people.
Thank you,
Erica Kloner
