Comment Text:
Submitter Info:
First Name: Jesse
Last Name: Harris
Mailing Address: 37057 Parsons Creek Road
City: Springfield
Country: United States
State or Province: OR
Postal Code: 97478
Organization Name: Jesse Harris, private citizen
Dear Chairman Gensler:
Re: End-User Exception to Mandatory Clearing of Swaps (RIN 3038-AD10)
I am a retired teacher whose well being has been severely impacted by the the recent real estate and my retirement income is at risk during the current economic crisis. Appropriate regulation of financial and mortgage markets is essential to my families sustainability. A wrong move by your committee will deplete what is left of my savings, force me into forclosure and leave me without an income. Your committees decisions are real to me.
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. Please implement Dodd-Frank as written and do not give in to the pressure to weaken the legislation in the rulemaking process.
Thank you!
Thanks for your help!
Americans for Financial Reform
