Comment Text:
i0-001
COMMENT
CL-00056
From:
Sent:
To:
Subject:
pattonfinancials@yahoo, com
Friday, January 15, 2010 9:49 AM
secretary
Public Comment Form
Below is the result of your feedback form. It was submitted by
([email protected]) on Friday, January 15, 2010 at 09:48:43
commenter_subject: 2008 Farm Bill
commenter frdate: 2008
commenter_frpage: PUB L no 110-246
commenter_comments: First, how did forex regulation get in a Farm Bill?
Next, "FCMs and RFEDs would be required to maintain
net capital of $20 million plus 5% of the amount,
if any, by which liabilities to retail forex
customers exceed $10 million." This only protects
customer with more than 10 million. This does not
protect 99% of the average person doing forex
trading.
Third, "Leverage in retail forex customer accounts
would be subject to a 10-to-1 limitation."
Obviously you have never traded forex. 10 to 1 is
to strict. The only thing this will do is take
money out of the individual investor and force them
to use a big bank or wirehouse that will charge
more fees. This is a bad idea.
Finally, "All retail forex counterparties and
intermediaries would be required to distribute
forex-specific risk disclosure statements to
customers" really? Does anyone read or understand
the government supplied risk disclosures. The most
simple disclosure ever has been the one on tobacco
products and no one pays attention to it. Don't
add more government and government disclosures.
commenter_name: Anthony Patton
commenter addressl: 1103 Canton Ct
commenter_city: Allen
commenter state: TXi0-001
COMMENT
CL-00056
commenter zip: 75013
commenter fax: 8666505934
commenter~hone: 2142260885
