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House Lawmakers Concerned On CFTC Retail Forex Leverage Proposal

Discussion in 'General Forex Talk' started by Forexwatchman, Mar 3, 2010.

  1. Forexwatchman

    Forexwatchman Sergeant

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    That's the headline and here's the link to the article House Lawmakers Concerned On CFTC Retail Forex Leverage Proposal

    The best part is when Collin Paterson said “I don’t get what we are trying to accomplish here by lowering this to 10 to 1,” said House Agriculture Chairman Collin Peterson (D., Minn), saying the proposal appears to put investors’ money even more at risk. “Who are you trying to protect here?”

    Just thought you would all get a kick out of this. How much clearer can it get that the proposal is uncalled for and unwarranted?
     
  2. clem699

    clem699 Sergeant

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    Now that people in government are beginning to think in line with us,i sincerely do hope that the cftc people will back down on this retrogressive proposal.
     
  3. PipStar

    PipStar Sergeant

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    And I quote from the article:

    "Peterson later told reporters he hopes the CFTC will address the leverage concerns before it finalizes the rule.
    "I don't think it's well thought out," he said. "I think they are trying to fix a problem that doesn't really exist."

    I think we already knew that.
     
  4. Pharaoh

    Pharaoh Colonel

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    I'm glad to see that someone in DC finally noticed that there's a problem with all of this. It's bad enough that the NFA chased a lot of accounts offshore, but the CFTC seems intent on finishing the job.
     
  5. PipStar

    PipStar Sergeant

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    That's what happens when you put in charge an organisation (CFTC) that doesn't understand the market they are supposed to be regulating and also have other vested interests!!!
     
  6. piphog

    piphog Private

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    He doesnt get what they are trying to accomplish? I guess he doesnt understand that retail brokers that require 100:1 trading are tandamount to casinos -- and the lemmings who are crying foul are like the dedicated slots players fighting evil sensible regulations.

    Let's not forget that 95% of traders in retail forex are playing and losing. Consumer protections are needed, financial markets arent casinos. Go to an indian reservation if you want that kind of crap.
     

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