Comment Text:
Dear Members of the Commodity Futures Trading Commission: I am a displaced American worker who is trying to make ends meet on my Social Security. I live with my daughter, who is a U.S. Navy veteran going to school on the GI Bill. For ten years of my career, I worked at Whirlpool Corporation as a Research Assistant in Government Relations, where part of my responsibility was to review and analyze the impact on business of proposed legislation. I read with interest and concern the New York Times article (Gretchen Morgenson) which suggests that the regulations which your commission has proposed would not only not protect American consumers from speculator manipulated price increases, but might actually encourage greater speculation and price increases. Such actions could potentially propel a weak economy into recession, or a recessive economy into depression. While Wall Street speculators might profit, the overall effect on the economy would be to increase inflation, leaving most consumers with less money available for discretionary spending--a necessity for a healthy, vibrant economy. The purpose of your commission, as outlined in the 2010 Dodd-Frank Bill, is primarily to create regulations that will help protect American citizens from market manipulation by speculators who would profit by increased commodity prices. According to Ms. Morgenson's article, the majority of academic studies (Texas A&M, Rice, Stanford) regarding the proposed changes suggest that the proposed regulations might actually encourage speculation, rather than controlling it. As a concerned citizen, I hope that you will heed the conclusions of these studies and modify your proposed regulations in line with levels suggested in Senate Bill S1200, sponsored by Sen. Bill Nelson.
