Comment Text:
Dear Commissioners:
According to your website, the stated mission of the CFTC is to “protect market users and the public from fraud, manipulation, abusive practices and systemic risk related to derivatives that are subject to the Commodity Exchange Act, and to foster open, competitive, and financially sound markets.”
It is obvious to those of us paying higher and higher costs of living that Commission leadership needs to reread and rethink their own mission statement if they believe their proposed rules for Dodd-Frank are truly in the public interest. Injecting some common sense factors – such as less consideration of the costs of bidding-war speculation and more recognition of the ebb and flow of the law of supply and demand at the consumer level - would help produce a more balanced set of rules. There seems to be a lack of attention being paid to the sorts of “manipulation, abusive practices and systemic risk” that have led to our current economic crisis.
My U.S. Senator Bill Nelson asked that I express my views on this topic, and after researching the Commission’s recent activities, I can only agree that there is great doubt you are on the right course. We don’t need any more national policies that feed the greed that caused so much damage to this country.
Roger Crescentini
Tampa, FL
[email protected]
