Comment Text:
As a widow and retired person, I was affected by the financial crisis. I never again want to be called on to bail out big corporations and Wall Street banks for irresponsible choices.
A key to meaningful reform is effective oversight of the $700 trillion global derivatives market. Because this market is inherently global, risks can be transferred around the world with the touch of a button. The proposed guidance you have issued on cross-border application of Dodd-Frank derivatives rules shows that you understand the importance of this issue.
The proposal scares me because it contains multiple loopholes that could allow foreign affiliates of Wall Street banks to escape regulation. Big U.S. banks and other major U.S. derivatives users are global corporations with hundreds if not thousands of foreign affiliates.
I ask you to please make this guidance stronger to ensure that new Dodd-Frank derivatives protections will directly apply to the full global activities of all important participants in the U.S. derivatives markets.
We need to regulate everywhere for our protection.
Sincerely,
P. St August
