Comment Text:
“I am Jessica S. Harshbarger, and many families are affected by the financial crisis, including mine. As a single mother trying to raise two kids on my own, I feel the strain not only in my own household, but I also see my friends & neighbors constantly making adjustments to their lifestyles to adapt. I am concerned for my children & our future generations. I never again want to be called on to bail out big corporations and Wall Street banks for irresponsible “heads I win, tails you lose” gambles. These crooks could care less about the struggles we face on a day to day basis just trying to feed our kids & survive. I have no nest egg for my kids, no pillow to fall back on when things get hard. Yet they can reap the profits from our hard work & call on the government to bail them out when they fail. When I fail, or cannot provide for my kids anymore; I loose my home, car, & ability to feed my family.
Effective oversight of the $700 trillion global derivatives market is a key to meaningful reform. 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. But the proposal 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. If we don’t regulate them everywhere, we can’t regulate them anywhere. 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.
Thank You for taking the time to hear me out.
Sincerely,
Jessica S Harshbarger
