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Comment for Proposed Rule 75 FR 3281

  • From: Steve Belden

    Comment No: 99
    Date: 1/15/2010

    Comment Text:

    Friday, January 15, 2010 3:09 PM
    Smith, Thomas J. ; Bauer, Jennifer ;
    Penner, William ; Cummings, Christopher W.
    ; Sanchez, Peter
    Regulation of Retail Forex
    I have sent a copy of this note to Congressman Sam Hall, Senator Kay Bailey Hutchison &
    Senator John Cornyn via their websites:
    It seems the current version of the federal government is bent on destroying the retail forex
    market, re: RIN 3038-AC61. The only reason I trade in that market is to maximize profits with
    a lower capital investment than other markets. The leverage afforded me as a retail trader
    helps provide a living for me & my family and, I'm sure, the families of brokers & forex dealers
    across the US.
    This statement from the CFTC proposal is yet another example of this government
    overstepping its constitutional reasons for existence:
    "Other public interest considerations. The retail, off-exchange forex market has been largely
    unregulated until now. The Commission believes that the Proposal is beneficial in that will provide
    needed protections for members of the public engaging in these transactions. The Proposal will
    also bring much needed oversight to the forex counterparties and intermediaries that interact with
    the public."
    The CFTC has no business offering me "protections" from my own trading behavior & I resent
    the very implication that anyone in Washington can manage my money better than I can.
    If this proposal is enacted and the suggested leverage reduction takes place (from 100:1 to
    10:1 ), my recourse & the recourse of hundreds, possibly thousands, of retail traders will be
    immediate. I will close all domestic accounts & move those funds to international forex
    brokerages. It would then be on the CFTC's head to explain why Americans employed in
    American brokerages are then "downsized" in favor of less intrusive governmental regulation
    overseas, causing them to join the +10% (and growing) unemployed population of our country.
    I would respectfully ask you to withdraw this proposal & stay out of the forex market to save
    American jobs and the taxes they pay to keep Washington bureaucrats employed.
    Steve Belden