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Comment for Proposed Rule 76 FR 4752

  • From:
    Organization(s):

    Comment No: 48436
    Date: 9/27/2011

    Comment Text:

    Robert Wheeler
    871 Cape Dory Court
    Winter Park, FL 32792-7915


    September 27, 2011

    David Stawick
    Secretary, Commodity Futures Trading Commission
    Three Lafayette Centre
    1155 21st Street, NW
    Washington, DC 20581


    Dear Mr. Stawick:

    Excessive speculation hurt the economy in 2008 and, once again, is harming
    the economy in 2011. According to data recently released by the
    Commission, speculators have raised their positions in energy markets by
    64 percent compared to June 2008, bringing speculation to the highest
    level on record.

    We need meaningful, effective speculative position limits to restore
    balance to commodities markets and ensure that they are connected to
    market fundamentals, so that they fulfill their price-discovery function
    properly and without distortions caused by excessive speculation. In
    particular, I:

    - support the Commission's immediate adoption of spot-month speculative
    position limits; - urge the Commission to adopt effective back-month
    levels that will accomplish the legislative purpose of curbing excessive
    speculation; - urge the Commission to adopt single-month limits that are
    no higher than two-thirds of the all-months-combined levels; - urge the
    Commission immediately to adopt a position-accountability regime for the
    nonspot months in place of its proposed position-visibility rule; and -
    urge the Commission to adopt lower speculative position limits for
    passive, long-only traders.

    Time is of the essence, and I urge you to act quickly. Our pocketbooks and
    the broader economy depend on it.

    Sincerely,


    Robert Wheeler
    4075551212


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