I can’t take it anymore, as a United States Marine, I served this great country to protect our very rights that seem to be not slowly but quickly disappearing, at almost an alarming rate. Well enough is enough, I will continue to create a series of blogs that I can share my opinion on many of these issues, but for now let me discuss an area of both business and personal activity that I have shared and been in for now nearly 10 years. The Retail Over the counter Spot Forex market.
You may not know it or you may now be aware but your rights afforded you as a US citizen have now been hijacked reduced yet again and are about to be enforced. It’s a sad day when you basically have more rights in China than you do here in the US. I am talking about the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Food, Conservation, and Energy Act of 2008.
“These rules of the road will help protect the American public in the largest area of retail fraud that the CFTC oversees: retail foreign exchange,” CFTC Chairman Gary Gensler said. “All CFTC registrants involved in soliciting and selling retail forex contracts to consumers will now have to comply with rules to protect the investing public. This is also the first final rule that the Commission has published to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act. We look forward to publishing additional rules to protect the American public.”
Let me sum it up for you, As an American, a US citizen you are not allowed to open a Forex account offshore in another country to trade the FOREX. The Government has taken your rights and protected you. GIVE ME A BREAK. To late its law and you will have to choke it down. These people have lost their minds, I appeal to all Americans enough is enough vote these career politicians out of office, there are less than 600 people that as a whole, all Americans can simply send home, send them all home and let’s start fresh. Here is a novel idea, I bet that if we replaces all the US representatives and the US Senators good and bad, an entire new house and senate that they can’t do any worse ruining our country than the old timers. Let’s prove it.
Back to the problem at hand, first and foremost, as you read this just keep thinking that you are not allowed to do something because you are being protected, and you have no choice. The leverage for Forex on major currency pairs is now 50:1 and exotics 20:1, what a joke. You had choices you can trade in another country, BUT not anymore. I have included numerous places to voice your opinion; I would suggest you use the fax machines, if enough people do they will unplug them, and when they do start emailing, or calling, and when they turn all that off, start sending snail mail.
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
202-418-5000 or FAX 202-418-5521
The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted on July 21, 2010, further modified the CEA in a number of ways. It requires that all off-exchange retail foreign currency transactions be done pursuant to the rules of a Federal regulatory agency. It also requires that unless Federal regulators prepare rules regarding off-exchange retail forex transactions within specified time periods, the transactions are prohibited. If any Federal regulatory agency had already proposed such rules prior to the enactment of the Dodd-Frank Act – as had the CFTC – the agency has 90 days following enactment to adopt final rules, or the same prohibition takes effect.
For the CFTC, the Dodd-Frank Act reconfirms the Commission’s authority to regulate off-exchange retail forex transactions and establishes a date – October 19, 2010 – by which final rules must be in place. For other Federal regulators whose regulatees are expressly permitted to serve as counterparties (such as United States financial institutions and broker dealers), it requires the preparation of similar rules or such transactions by their regulatees are prohibited.
The Dodd-Frank Act further modifies the list of eligible counterparties by eliminating insurance companies and investment bank holding companies. Moreover, where the list of eligible counterparties previously included “financial institutions,” the Dodd-Frank Act specifically provides that among financial institutions, only United States financial institutions are permitted to act as counterparties. That’s right you read it correctly, you can now only trade in the US where U.S. Senator Chris Dodd and Congressman Barney Frank Say so. Let’s contact them and tell them what we really think. Don’t be fooled. I wonder if they have any major contributors that will benefit from their invite wisdom to make us trade in the US.
U.S. Senator Chris Dodd
Congressman Barney Frank
U.S. Senator Chris Dodd
448 Russell Building | Washington D.C., 20510
Tel: (202) 224-2823 | Fax: (202) 224-1083
30 Lewis St Suite 101 | Hartford, CT 06103
Tel: (860) 258-6940/(800) 334-5341 —CT only
Fax: (860) 258-6958
Dodd, Frank, James Dicks, Forex,