I find it odd that FINRA would require individuals to possess a net worth of greater than 1.000.000 dollars or an income of over 200.000 a year in order to invest in leveraged ETFs. This effort blatantly furthers the financial disparity in the United States unequally allowing privileged individuals to create larger pools of wealth. No correlation exists between a persons competency and the size of their bank account. If an individual wishes to partake in an exceedingly risky venture then that decision should be left to the individual and should not be infringed upon by FINRA. Throughout the United States on a daily basis individuals of all socioeconomic backgrounds make risky choices in an attempt to further their personal net worth, epitomized by the plethora of legal gambling operations that blanket the country and manifested by state and national lotteries that run year after year. No agency seeks to prevent or protect unnecessary losses incurred by the masses when they partake in these publicly available and legal activities. Thus, the same should apply when it comes to investing. This regulation serves as a thinly veiled attempt by a government agency to masquerade as a defender of the poor supposedly safeguarding them from steep losses; when, in reality, it serves as an instrument of the wealthy to protect their interests and maintain a more steady and viable rate of return when engaging in these investment strategies of concern.
Jack Bowman Comment On Regulatory Notice 22-08
I find it odd that FINRA would require individuals to possess a net worth of greater than 1.000.000 dollars or an income of over 200.000 a year in order to invest in leveraged ETFs. This effort blatantly furthers the financial disparity in the United States unequally allowing privileged individuals to create larger pools of wealth. No correlation exists between a persons competency and the size of their bank account. If an individual wishes to partake in an exceedingly risky venture then that decision should be left to the individual and should not be infringed upon by FINRA. Throughout the United States on a daily basis individuals of all socioeconomic backgrounds make risky choices in an attempt to further their personal net worth, epitomized by the plethora of legal gambling operations that blanket the country and manifested by state and national lotteries that run year after year. No agency seeks to prevent or protect unnecessary losses incurred by the masses when they partake in these publicly available and legal activities. Thus, the same should apply when it comes to investing. This regulation serves as a thinly veiled attempt by a government agency to masquerade as a defender of the poor supposedly safeguarding them from steep losses; when, in reality, it serves as an instrument of the wealthy to protect their interests and maintain a more steady and viable rate of return when engaging in these investment strategies of concern.