Comment Text:
i0-001
COMMENT
CL-00382
From:
Sent:
To:
Subject:
Jerry Myhan
Monday, January 18, 2010 10:54 PM
secretary
Regulation of Retail Forex
Comment Subject: Regulation of retail forex
Federal Register: RIN 3028-AC61
Date: January 13, 23010
David Stawick
Secretary, CFTC
Sir:
I am alarmed by the proposal to further regulate the forex industry, and
specifically the proposed margin requirements for retail traders.
Forex, at current margins, can give me the opportunity to
earn a substantial income, from which the U.S. Treasury Department extracts substantial taxes. If the
proposed regulation becomes law, and trading margin is reduced to 10:1, I and many others will not be
willing to risk our capital, in order to earn the much reduced income. We will simply leave the market
entirely and therefore, I will contribute very little in taxes. The weak economy and stock market over
the past few years has greatly reduced my retirement fund potential. Therefore, I need supplemental
income. This legistration will be counter productive in allowing this.
The proposed legislation will adversely affect a multitude of retail
traders, brokers and market makers who support retail forex, in a way that can only be financially
detrimental to the U.S. Our economy is already strained to the maximum.
Those of us who risk our capital do so willingly, and are aware of the
risks. We do not want or need the government to protect us from ourselves. If the CFTC truly desires to
regulate fraud and excesses, may I suggest a stricter and more consistent enforcement of the laws
currently in effect, not by destroying another vehicle that generates revenue for the U.S. Treasury.
I welcome your comments and response.
Respectfully
Jerry Myhan
j rmyhan@gmail, com
