Comment Text:
I am a politically active constituent of a small town in western Colorado. The financial debacle the big banks on Wall Street have plunged the entire world economy into also forced the company my husband had worked for for nearly twenty years 'out of business.'
When Ben Bernanke demanded that the US government, ultimately the taxpayers, bail out the big banks with "no questions asked" I did everything in my power to persuade our public officials to say "NO!" I am very proud of my representative for saying no .. but unfortunately he lost his re-election campaign. I am furious that the Wall Street Bankers 'own' the United States Congress and never again want to be called on to bail out big corporations and Wall Street banks for their grossly irresponsible financial dealings and inventive financial instruments.
The gross domestic product of the entire world amounts to something between $60 and $70 trillion and yet the derivatives market has risen to over $700 trillion .. .. so tell me who's going to be left holding the bag in this monumental pyramid scheme?
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.
Please stop pussy-footing around .. get some teeth in these regulations and enforce the ones already in place. The world cannot take another hit .. it is already tottering way out of balance and the little guy is damn sick of bailing out the greedy rulers and their personal politicians. America was founded on the premise that everyone deserves a voice .. today only $$ talks .. and we all see where this has led.
Be a true public servant and do what is in the best interests of the public .. not the few. Thank you.
