Comment Text:
i0-001
COMMENT
CL-00099
From:
Sent:
To:
Cc:
Subject:
steve
Friday, January 15, 2010 3:09 PM
secretary
Smith, Thomas J. ; Bauer, Jennifer ;
Penner, William ; Cummings, Christopher W.
; Sanchez, Peter
Regulation of Retail Forex
I have sent a copy of this note to Congressman Sam Hall, Senator Kay Bailey Hutchison &
Senator John Cornyn via their websites:
It seems the current version of the federal government is bent on destroying the retail forex
market, re: RIN 3038-AC61. The only reason I trade in that market is to maximize profits with
a lower capital investment than other markets. The leverage afforded me as a retail trader
helps provide a living for me & my family and, I'm sure, the families of brokers & forex dealers
across the US.
This statement from the CFTC proposal is yet another example of this government
overstepping its constitutional reasons for existence:
"Other public interest considerations. The retail, off-exchange forex market has been largely
unregulated until now. The Commission believes that the Proposal is beneficial in that will provide
needed protections for members of the public engaging in these transactions. The Proposal will
also bring much needed oversight to the forex counterparties and intermediaries that interact with
the public."
The CFTC has no business offering me "protections" from my own trading behavior & I resent
the very implication that anyone in Washington can manage my money better than I can.
If this proposal is enacted and the suggested leverage reduction takes place (from 100:1 to
10:1 ), my recourse & the recourse of hundreds, possibly thousands, of retail traders will be
immediate. I will close all domestic accounts & move those funds to international forex
brokerages. It would then be on the CFTC's head to explain why Americans employed in
American brokerages are then "downsized" in favor of less intrusive governmental regulation
overseas, causing them to join the +10% (and growing) unemployed population of our country.
I would respectfully ask you to withdraw this proposal & stay out of the forex market to save
American jobs and the taxes they pay to keep Washington bureaucrats employed.
Steve Belden
