Dismiss Gary Gensler as Chairman of the CFTC sign now

We, the undersigned, respectfully request the immediate dismissal of CFTC chairman, Gary Gensler.

As head of the CFTC, Mr. Gensler has an agency leadership obligation to demonstrate professional competence, particularly in regard to having sensitivity to stakeholder issues. The CFTCs proposal to limit forex leverage to 10:1 instead of the current 100:1 for major pairs has shown a manifestly inadequate level of professional knowledge. Indeed, it can be stated that in seeking to introduce 10:1, Mr Gensler has caused much damage, both to the US industry and to traders around the globe.

Mr. Genslers background with Goldman Sachs and his on-the-record disregard for the intelligence and capabilities of the trading public is a matter that breaches public trust in his capacity to satisfactorily discharge his duties.

The CFTC has been soundly rebuked by the unprecedented level of opposition to the 10:1 proposal. Mr Gensler has also clearly lost the confidence of the industry proper, with every industry representative organization, including the NFA, the FIA and the FXDC also being deeply opposed to the proposed leverage change.

Rather than protecting the best interests of the trading public, Mr Genslers leadership has failed both the industry and traders. The harm generated by this ill-considered proposal is a matter that will continue to impede harmonious relationships throughout the industry while Mr Gensler remains as head of the CFTC.

We therefore request that Congress replace Mr. Gensler with someone who can discharge the duties of the Chairmans office with greater skill and sensitivity towards the stakeholder issues.

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Ernestine WilkinsBy:
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