Font Size: AAA // Print // Bookmark

Comment for Proposed Rule 76 FR 4752

  • From:
    Organization(s):

    Comment No: 41769
    Date: 3/24/2011

    Comment Text:

    Pat Dutta
    1850 Bass Circle
    Shakopee, MN 55379-5505


    March 24, 2011

    David Stawick
    Secretary, Commodity Futures Trading Commission Three Lafayette Centre
    1155 21st Street, NW
    Washington, DC 20581


    Dear Mr. Stawick:

    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:

    support the Commission s immediate adoption of spot-month speculative position limits; urge the Commission to adopt effective back-month levels that will accomplish the legislative purpose of curbing excessive speculation; urge the Commission to adopt single-month limits that are no higher than two-thirds of the all-months-combined levels; urge the Commission immediately to adopt a position-accountability regime for the nonspot months in place of its proposed position-visibility rule; and urge the Commission to adopt lower speculative position limits for passive, long-only traders.

    Time is of the essence, and I urge you to act quickly. Our pocketbooks and the broader economy depend on it.

    Sincerely,


    Pat Dutta
    6123927262


Edit
No records to display.