Sign the Petition (2024)

Why this petition matters

The Pattern Day Trader rule (PDT) is an unconstitutional and discriminatory law which states any person with under $25,000 may not place more than 3 day trades per week when purchasing stock while using a margin account. This rule violates economic equality to all. This rule's supposed intent was to prevent new traders from losing their money, however, it had cost thousands of traders immense amounts of money by not allowing multiple entry's and exits as needed to trade, not allowing flagged traders to sell a stock when it is going down, and forcing traders to trade riskier securities such as futures or open an offshore brokerage account. There is no government mandated limit on scratch tickets, casino gambling, or horse races - if an American citizen wants to use their brokerage as a gambling account it should be their right to spend their money in any way they see fit. Pattern day trade is entirely discriminatory towards lower class individuals who do not have $25,000 available for trading. This unconstitutional and illogical law needs to be repealed to protect consumers who make money with trading strategies which involve multiple entries and exits, individuals who want to sell a losing stock, and to keep individuals from trading in offshore accounts or with futures. Lastly, discount brokers are forced to pay to ensure compliance with the rule and prevent their customers from placing orders as they wish. This law's intent is to deprive lower income individuals from there right to spend their money as they please. Again, Unconstitutional and Discriminatory to anyone not able to use this investment vehicle because of financial status.
Traders are forced to trade in foreign currency, cryptocurrencies, or futures because this rule does not apply. This shows us that it is not about protecting traders but creates prejudice against individuals with small investment accounts.
FINRA and the Securities and Exchange Commission (SEC)created the PDT margin rule in 2001 (22 years ago) amidst the heyday of the dot-com bubble in order to curb excessive risk taking among individual traders. FINRA set the minimum account requirement for pattern day traders at $25,000 after gathering input from a number of brokerage firms. This rule does not reduce risk taking, it just hinders all involved. This rule no longer applies and must be repealed.
Class discrimination, also known as classism, is prejudice or discrimination on the basis of social class. It includes individual attitudes, behaviors, systems of policies and practices that are set up to benefit the upper class at the expense of the lower class. Social class refers to the grouping of individuals in a hierarchy based on wealth, income, education, occupation, and social network.
Attention: We are looking for an attorney to represent us in our quest for equality.