Comment Text:
“I am Mitch Gurney, and here is how my family and I were affected by the financial crisis. We have lost many thousand of dollars in stock value in our retirment accounts and have lost value in our home and are upside down by over $300k. It will take years if even within my life tiem to see a return of value on our home. The trillions in bailout funding the governemnt has spent saving the risk takers have put our nation more indebt that as a taxypayer will cost us long into the future. 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.
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.
The well being of our nations economy and that of the global economy as well must override the wishes of that of any special interest.
Thank you
Mitch Gurney
