Comment Text:
Submitter Info:
First Name: Gayle
Last Name: Taylor
Mailing Address: 1430 Brays Mill Trace
City: Lawrenceville
Country: United States
State or Province: GA
Postal Code: 30044
Organization Name: Gayle Taylor
Dear Chairman Gensler:
Re: End-User Exception to Mandatory Clearing of Swaps (RIN 3038-AD10)
The big banks and their allies are pushing for changes in the transparency requirements of Dodd-Frank that would throw important trades back into the shadows. Specifically, they are calling for exemptions for a very broad array of companies from the clearing and margin requirements of the act.
Dodd-Frank already contains an exception for legitimate end-users, such as airlines and farmers, who are doing commercial hedging as part of their business from clearing and exchange trading requirements.
We must not broaden this narrow, commonsense exception to include financial and commercial institutions that want to gamble in the derivatives markets. Doing so would allow systemically important companies to enter into risky trades in a market with zero transparency and accountability.
This is exactly the kind of murky shadow banking that led to the meltdown - as every objective observer of our present financial situation well knows. Please implement Dodd-Frank as written and do not give in to the pressure to weaken the legislation in the rulemaking process.
I just wish you could see the impact with the destruction and devaluation of homes in most neighborhoods in metro Atlanta, GA. No bunch of crooks on Wall Street or anywhere should ever be trusted again- it is too big of a temptation for them and they have no morals or mercy on the American people.
Thank you!
Gayle Taylor
