Comment Text:
I am delighted that the CFTC is taking the lead in limiting excessive speculation in food and energy commodities through the Dodd-Frank Act.
I would urge the Commission to fully implement the proposed rules regarding aggregate speculative position limits to prevent excessive speculation. As food prices rise it is vital that speculators do not unduly affect our food and energy prices.
I would also urge you only to give exemptions to those who deal in physical commodities such as farmers and gas stations, and not to allow banks, hedge funds, private equity and passive investors to be deemed as bona fide hedgers.
The effect of controlling excessive speculation on food will benefit everyone and encourage other regulatory authorities in Europe and elsewhere to do the same.
I look forward to hearing about the progress of the Act.
Yours faithfully
Norma Duncan
