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Comment for Proposed Rule 77 FR 41213

  • From: Cindy J Wilson
    Organization(s):

    Comment No: 58579
    Date: 8/27/2012

    Comment Text:

    “I am Cindy J Wilson, and here is how my family and I were affected by the financial crisis. I have had to cut back on every single area of my life.To live paycheck to paycheck..This is pure hell, not being able to know if you have the money to cover all the bills for the month..Then to watch the government spend like no tomorrow. makes me sick..To watch Wall Street do the something unexplainable is just as bad.. 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.

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