Comment Text:
Submitter Info:
First Name: clarissa
Last Name: porter
Mailing Address: 2026 dartmouth place
City: charlotte
Country: United States
State or Province: NC
Postal Code: 28297
Organization Name: clarissa b. porter
Dear Chairman Gensler:
Re: End-User Exception to Mandatory Clearing of Swaps (RIN 3038-AD10)
The big banks and their allies are pushing for changes in the transparency requirements of Dodd-Frank that would throw important trades back into the shadows. Specifically, they are calling for exemptions for a very broad array of companies from the clearing and margin requirements of the act.
Dodd-Frank already contains an exception for legitimate end-users, such as airlines and farmers, who are doing commercial hedging as part of their business from clearing and exchange trading requirements.
We must not broaden this narrow, commonsense exception to include financial and commercial institutions that want to gamble in the derivatives markets. Doing so would allow systemically important companies to enter into risky trades in a market with zero transparency and accountability.
This is exactly the kind of murky shadow banking that led to the meltdown - as every objective observer of our present financial situation well knows. Let's not go backwards. Let's not take measures that will continue to widen the gap between the ultra-wealthy and the poor and marginalized in this country that is supposed to be an example, a model and a beacon to the rest of the world.
Please implement Dodd-Frank as written and do not give in to the pressure to weaken the legislation in the rulemaking process.
Thank you for your attention.
Sincerely,
Clarissa b. Porter
