Comment Text:
“I am Denise Hanley, and here is how my family and I were affected by the financial crisis. My employer, a real estate developer worth almost a billion dollars, lost everything due to this "crisis". We tried to work with the banks...but they only thought of their own "bottom line". Our staff was let go and I was cut to half-time in 2009 - and I probably will not have a job by the end of this year. 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. While they are still getting rich, I have lost almost all that I have worked for my entire life...
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.
