Comment Text:
Submitter Info:
First Name: Robert
Last Name: Rosas
Mailing Address: [email protected]
City: Georgetown
State or Province: TX
Postal Code: 78626-8234
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 tto push 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 exempts legitimate end-users 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 wanting 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. Please implement Dodd-Frank as written. Do not give in to pressure to weaken the legislation in the rule making process.
Thank you!
