Comment Text:
“I am Patty Langford Romero, my family and I were affected by the financial crisis as prices sky-rocketed for petro, utilities, food, services over a 360 degree arc while creating lower wages, trimming of payroll hours and overall stagnation of "Living Wage" job creation. 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.
II realize the the Wall Street "Fat Cats" receive their mega bonuses courtesy the US Treasury's "Subsidies." Please ensure these "Fat Cats" pay their "fair share" of taxes.
Regards,
Patty Langford Romero
