Comment Text:
Dear Commissioners:
Gary Gensler-Chair
Michael Dunn
Jill E. Sommers
Bart Chilton
Scott D. O'Malia
Speculators are still playing games in the marketplace. You continue to allow them to wildly bid up the price for everyday items we need, like wheat, gasoline and heating oil. Despite a clear directive from Congress to rein in excessive speculation, your commission seems to be listening more to Wall Street, and not acting quickly enough to protect American consumers. Consider: On any given day about half of the oil futures contracts are bought and sold by traders, not companies that use oil, like airlines and power companies. And the sky’s the limit when it comes to how much of the market traders can control.
It is past time to stop speculators from interfering with the price of food and energy. Stop listening to Wall Street lobbyists and start representing the American Public by imposing meaningful position limits on traders. You are supposed to be an independent agency representing the people and not the fat cats on Wall Street.
Sincerely,
Larry Hess
