Date: April 16, 2014

Issue: Physical Commodities

To: Federal Reserve

Filing Type: Federal Reserve

Description: Restricting FHCs from engaging in physical commodities or imposing additional regulations that force them to depart from the physical commodities markets will have a significant adverse effect on our Members and their customers. The Board is considering additional regulations, in part, to ensure the safety of the financial system generally. We submit, however, that additional regulation in this area could harm many businesses and consumers, a result that also would burden the financial markets.

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