Comment Text:
i0-001
COMMENT
CL-04998
From:
Sent:
To:
Subject:
Sue Johnson
Thursday, February 4, 2010 2'00 PM
secretary ; Smith, Thomas J.
; Bauer, Jennifer
RIN
3038-Ac61
******
A-I-I-ENTION PLEASE
*******
David Stawick
Secretary, CFTC
Sir:
I am alarmed by the proposal to further regulate the forex industry, and
specifically the proposed margin requirements for retail traders.
Until I began to trade the forex market I was barely subsisting on $1250.00
per month, and paying very little in taxes. Forex, at current margins, gave me the opportunity to earn a
substantial income, from which the U.S. Treasury Department
extracts substantial taxes. If the proposed regulation becomes law, and trading
margin is reduced to 10:1, I and many others will not be willing to risk our
capital, in order to earn the much reduced income. We will simply leave the
market entirely. Then the Treasury department will support me, and I will
contribute very little in taxes, just as before.
The proposed legislation will adversely affect a multitude of retail
traders, brokers and market makers who support retail forex, in a way that
can only be financially detrimental to the U.S. Our economy is already
strained to the maximum.
Those of us who risk our capital do so willingly, and are aware of the
risks. We do not want or need the government to protect us from ourselves.
If the CFTC truly desires to regulate fraud and excesses, may I suggest a
stricter and more consistent enforcement of the laws currently in effect.
Not by destroying another vehicle that generates revenue for the U.S.
Treasury.
Respectfully,
Melanie Sue Johnson
Lenore, Idaho
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