Comment Text:
i0-001
COMMENT
CL-08216
From:
Sent:
To:
Subject:
asdf@hammerthespam, com
Wednesday, March 17, 2010 3:01 PM
secretary
RIN 3038-AC61 Regulation of Retail Forex
David Stawick
Secretary, Commodity Futures Trading Commission
1155 21st Street, NW.,
Washington, DC 20581
Dear Mr. Stawick,
It has come to my attention that the CFTC is proposing some new regulations that would
RUINOUSLY restrict the "average guy" FOREX trader, such as myself, which in turn, would likely
have a DETRIMENTAL impact on the U.S. FOREX industry, from many fronts.
I am a working American who has been blessed with a job that JUST pays the bills, JUST feeds my
family, JUST pays the taxes imposed upon us by an EVER-MORE-CUMBERSOME FEDERAL
GOVERNMENT, and allows me to have JUST enough left over, after all of those things, to INVEST
FOR MY FAMILY'S FUTURE, by MY CHOICE AND KNOWLEDGE OF THE RISKS, in the FOREX
market. The proposed changes referenced in RIN 3038-AC61 (specifically restricting the current
100:1 leverage to JUST 1/10th of that) would severely restrict or make impossible my current
ability to provide an adequate investment income for me and my family.
Shame on the people who "hatched" this plan amidst tough economic times such as these! Why do
you folks in the government INSIST on trying to save me from myself, and who are YOU, the
Federal Government Agency that you are, to determine MY FAMILY'S FUTURE after such a manner?
LEAVE MY FAMILY'S FUTURE ALONE ! Leave the leverage on FOREX contracts at 100:1, and DO
NOT restrict the small businesses who are FOREX"counterparties"to a $20 million minimum
net capital standard. (No, I am NOT associated with such entities, and I have no directly vested
interest in them). THIS PROPOSAL IS ABSOLUTELY FOOLISH.
FURTHERMORE: Don't require me to report EVEN MORE than I already have to (in my tax returns)
about who, what, where, WHY, an when Iengagein FOREXTRADING. The IRS already HAS that
function.
Thank you.
Sincerely,
Jeff Bayer
Elk Grove, CA, USA
