Comment Text:
To: Commodity Futures Trading Commission
From: Douglas G. Beattie
I have been watching the fluctuation of gasoline and food prices. I only recently realized many of these price fluctuations are due to commodities trading and that the C.F.T.C. is supposed to regulate commodities.
I am concerned about the C.F.T.C.'s proposed new rules in response to the Dodd-Frank financial reforms.
If I understand the proposed C.F.T.C. rules correctly, they propose a limit of 25 percent of the deliverable supply of any commodity. This limit appears so high that it could lead to more speculation, and increase market volatility. As a government regulation agency, I expect that its work is to protect the consumer, and improve the economy. Your proposals seem tailored to a small group of Wall Street speculators, and ignore the needs of Main Street.
I support the Anti-Excessive Speculation Act of 2011 sponsored by Senator Bill Nelson. I urge the C.F.T.C. to review your proposed rules to protect consumers -- and the economy -- from commodites speculation.
Sincerely,
Douglas G. Beattie
193 Pierce Hill Rd.
Vestal, New York 13850
