Comment for Proposed Rule 75 FR 3281
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From:
Joe McHugh
Organization(s):
McHugh Financial LLC
Comment No:
827
Date:
1/19/2010
Comment Text:
i0-001
COMMENT
CL-00827
From:
Sent:
To:
Subject:
mchughj o@gmail.com on behalf of
Joe McHugh
Tuesday, January 19, 2010 8:17 PM
secretary
Regulation of Retail Forex
To Whom It May Concern:
New regulations limiting leverage to 10-1 do not limit the systemic risk in the market place, rather it's
the repeal of the Glass-Steagall Act allowing bank holding companies to behave like investment banks
that has created the risk in the system.
Encouraging your members to offer 10-1 would be advisable, but limiting risk that a private party can
take on is nothing more than undue government interference, which will cause unintended consequences
of increased risk-taking elsewhere.
Please allow the private market to regulate itself. Recommendations, not regulations, is the right way to
advise a marketplace.
Sincerely,
Joe McHugh
CEO, McHugh Financial LLC
