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Comment for Proposed Rule 75 FR 3281

  • From: Bernard R Vogt
    Organization(s):

    Comment No: 4985
    Date: 2/4/2010

    Comment Text:

    i0-001
    COMMENT
    CL-04985
    From:
    Sent:
    To:
    Cc:
    Subject:
    Bernard Vogt
    Thursday, February 4, 2010 12:38 PM
    secretary
    'Bernard Vogt'
    Regulation of Retail Forex
    To Whom it may concern
    Regulations are needed in today's society and global markets, BUT one has to also make sure that these regulations
    are for the benefit of ALL parties involved/impacted and not an excuse to provide the illusion of a bandage to a few
    which can't be helped with in the first place.
    The proposed new regulations concerning retail foreign currency transactions is again a prime example of short sight
    and once more adding to the already growing mess in this nation, a couple more of these and the U.S. will be
    relegated to a third world country, but in line with the current economical self-destruction path this nation is on, or if
    you prefer "just" another dent in what was once known as the "American Dream" ...
    It is critical to understand that retail foreign currency transactions are a relatively young but growing industry in this
    nation and throttling it to a definite stand still by lowering the leverage from 100:1 to 10:1 will add to this nation's
    downward spiral in multiple ways:
    This regulation will make established (from full to discount), U.S. based
    brokerage firms uncompetitive
    on
    the global market place where the 100:1 leverage is the low end of the average, all the way to their
    bankruptcy (not mentioning job losses).
    This regulation will incent current retail traders to
    do their business elsewhere,
    outside of the U.S., and
    move their capital abroad where it is more valued and appreciated than here (a sad statement all by itself in
    a country built on capitalism)
    This regulation will ultimately forfeit tax revenues this nation dearly needs because one pays his dues where
    he/she makes its money for a living, not mentioning the tax dollars we will waste to endlessly debate this
    proposal even forgetting what was first, the chicken or the egg.
    This regulation will not prevent those few it is supposed to protect (for the sake of "consumer protection")
    from continuing to screw up and complain about it because they don't get that foreign currency trading is a
    business and not gambling.
    I'm proud and privileged to have served my country for twenty years, to have enjoyed working for a U.S. grown
    multinational hi-tech company for over a quarter century and now earning my living with retail foreign currency
    transactions, my primary income to support my family's special needs ... if this regulation is enforced I'm at risk to
    lose all I worked for, like most of my fellow traders, and eventually become a charge to the community instead of
    being a contributor ... last but not least, the success of using leverage has nothing to do with regulations but rather
    with one's education on trading currencies, discipline and appropriate money management and today's brokerage
    firms provide all the necessary tools.
    Sincerely
    Bernard R. Vogt
    3007 Maplewood CT
    Philomath, OR 07370
    541-929-5584