Comment Text:
Effective oversight of the $700 trillion global derivatives market is absolutely key to meaningful reform. The proposed guidance you have issued on cross-border application of Dodd-Frank derivatives rules is a start, but one filled with loopholes that will let Wall Street banks off the hook.
YOU ARE THE WATCHDOG, and it is your job to put in place rules that actually work.
We are all counting on you to make these rules stronger -- not weaker -- to ensure that the new Dodd-Frank derivatives protections will directly apply to the full global activities of all important participants in the U.S. derivatives markets.
We already bailed out irresponsible big corporations and Wall Street banks because there was no regulatory oversight. Now you need to make sure that we never do that again.
Thank you for doing what is certainly a most difficult job.
