Comment Text:
Dear Mr. Gensler;
I am writing in support of 17 CFR Part 4 Amendments to Commodity Pool Operator and Commodity Trading Advisor Regulations Resulting From the Dodd-Frank Act.
I understand you and your commission are under great pressure from all sides concerning new rule making in response to the Dodd-Frank Act. I am writing to urge you and your commission to work quickly and diligently on writing these rules and putting them in place as soon as possible. It can not be understated how important these new rules are to the American public and to our nations feeble economic recovery.
I also understand your commission is facing large budget cuts amid the pushback that the CFTC has received from the traders that make massive profits from the financial oil markets and the advocacy groups and lawyers that represent them. As your commission has proposed new rules, you've been met by a who's who of derivative traders and their advocates arguing for the status quo and urging caution.
The President proposed a way to circumvent that concern. He suggests Congress allow regulators to charge user fees on trading transactions. The Securities and Exchange Commission already has such authority for fees, and uses it. I believe market oversight and enforcement is a public good and therefore deserving of funding through the annual budget. However, if the option is between inadequate regulation or user fees, I believe user fees would be a great way to fund your oversight.
I appreciate the opportunity to post a comment here, and I look forward to watching the new rules your commission formulates help to stop speculation from controlling prices on crude oil and gasoline and driving them to astronomical levels. We as a nation are counting on you.
Sincerely,
Kyle Vandegrift
