speed limits on the Lake

[RUGMAN]

I recently read in the paper that there was a proposal to eliminate speed limits on the lake. My question is , do higher speeds reduce the size of the wake that a boat creates, I have always noticed as boats pass by my house at slower speeds they seem to create a larger wake, particularly larger boats, I have always been amazed when I see so many boats with 2-4 outboards 500 to 800 hp, what's the point when the speed limit is 45 ?