Font Size: AAA // Print // Bookmark

Comment for Proposed Rule 77 FR 41213


    Comment No: 58638
    Date: 8/27/2012

    Comment Text:

    “I am Patti Constantino-Martin, and here is how my family and I were affected by the financial crisis. I am basically struggling and losing pace rapidly. My husband was FIRED on the way to surgery and has not been able to find work since. I work in education which has not given raises in FIVE years however, the economy has given itself a raise due to our now corporate America. I have family members moving home continuously and on ONE income, this is a sinking ship. 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.

    Thank you for all that you do!

    Americans for Financial Reform

No records to display.