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Comment for Proposed Rule 77 FR 41213

  • From: Kathryn C. Grace

    Comment No: 58667
    Date: 8/27/2012

    Comment Text:

    “I am , Kathryn Grace and here is how my family and I were affected by the financial crisis. I am retired and have a pension so my own personal income was not directly affected, but I wanted to help my son and his family as he lost his job. They have twin boys who were only one month old when he lost the job. It was very scarey but they were blessed to receive a loan modification on their home (although it is still underwater), and he was finally able to find a job. 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.

    Regulations have been given a "bad" name, but they are for our benefit and are essential to the safety of our global economic health.

    Kathryn Grace

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