Comment Text:
Stephen French
800 Central Ave
St. Petersburg, FL 33701-3630
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Mr. Stawick and CFTC members,
Our economic recovery is dependent on the actions you take in the coming weeks. Excessive speculation hurt the economy in 2008 and, once again, is harming the economy in 2011. According to data recently released by the Commission, speculators have raised their positions in energy markets by
64 percent compared to June 2008, bringing speculation to the highest level on record. We need meaningful, effective speculative position limits to restore balance to commodities markets and ensure that they are connected to market fundamentals, so that they fulfill their price-discovery function properly and without distortions caused by excessive speculation. In particular, I urge the Commission to adopt single-month limits that are no higher than two-thirds of the all-months-combined levels. Time is of the essence, and I urge you to act quickly. Our national security and our childrens futures depend on it.
Sincerely,
Stephen French
7272589613