Comment Text:
i0-001
COMMENT
CL-01114
From:
Sent:
To:
Subject:
Don Wertz
Wednesday, January 20, 2010 8:18 PM
secretary
Regulation of Retail Forex
RE: RIN 3038-AC61
Greetings Mr. Stawick,
Today I was informed by my Forex broker (IBFX), about your plans to further damage trading by small traders,
such as myself, by increasing leverage requirements beyond the 100:1 you mandated only months ago.
I simply did not understand why you would want me, personally, to no longer trade on the Forex market. This
through the cowardly vehicle of pricing me out of trading. I am a part time trader, a full time working employee and
Father, and a Former Marine. I am planning to continue trading into my retirement because it is extremely
challenging and rewarding and requires me to keep abreast of world events, but further, it is transportable. I can
do it anywhere, providing me with flexibility of place. Don't forget that all profits generated are taxable, even if they
are drawn against a foreign currency.
I thought briefly about your motivations for making this latest change, and then realized that they are not 'your'
changes. You are simply a functionary. This mandate was given to you. I realized that by driving small traders out
of the market, you will eventutally be left with only large, institutional traders, who you will find exceedingly easy to
regulate and control. As such, you will be able to directly control the exchange rate of the Dollar itself, which I
believe is your actual goal. The Foreign Exchange is possibly the last bastion of free enterprise, and the desire to
control it and its effect on the dollar is similar to those expressed by Communist China, Socialist Venezuela, and
until they saw the light during recent elections, Japan. Japan has officially abandoned their efforts to control the
Yen, believing those attempts at control to be against
everyone's
best interest. You, on the other hand, apparently
have no faith in the strength of the Dollar, Free Enterprise, nor the rights of the individual. I oppose this effort, and
will continue to do so with my money and my vote as well as those of anyone I can influence.
I believe that your 'public comment' period is a sham. I believe that your intentions are clear from your own
recent actions, first in eliminating hedging, and then increasing by 400% the requirements for margin. Your
feelings about individual traders is obvious. You wish them gone. It is my sincere wish that you fail in this and any
further misguided efforts. Leave me alone to trade. The Dollar doesn't need you, and I
certainly don't
need you.
Don Wertz
