Forex Dealers Coalition Website Launched

In response to the proposed legislation to reduce forex leverage to 10 to 1, beleaguered US brokers have banded together to form the Forex Dealers Coalition to fight a common enemy; the CFTC! The Coalition have just launched their website, which urges their readers to:

Take Action Today to Protect Our Industry

and also helpfully provides an easy way to send appropriately worded (as far as the FXDC are concerned!) emails to the CFTC.

The boilerplate emails available include such helpful phrases as these for forex traders:

This unsustainable rule would drive U.S. forex dealers, which brings tens of millions of dollars into the U.S. banking industry each day, offshore into the hands of foreign competitors.

As an investor, I would be forced to take my business outside of the United States.

and these for forex industry employees:

Now is not the time for the CFTC to propose rules that would eliminate valuable high-tech service jobs, leaving thousands of additional Americans unemployed.

Unregulated forex dealers….. will be out of the reach of the CFTC and they will thrive.

Personally I have grave doubts that such entreaties will have a significant impact on the ultimate decision of the powers that be. Only time will tell.