Comment Text:
Submitter Info:
First Name: Theresa
Last Name: Rieve
Mailing Address: 5321 Dent Avenue
City: San Jose
Country: United States
State or Province: CA
Postal Code: 95118
Re: End-User Exception to Mandatory Clearing of Swaps (RIN 3038-AD10)
Dodd-Frank is an important bill that will help to prevent banks from engaging in the kind of activities that in the recent past brought our economy to the brink of ruin. These kinds of activities must not be allowed. The banks want to render the bill ineffective through changes in the transparency requirements of Dodd-Frank.They want to exempt a very broad range of companies from the clearing and margin requirements of the act.
Dodd-Frank 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. This is a commonsense exception. But to include financial and commercial institutions that want to gamble with deriviatives makes no sense at all. It leaves these companies with no accountability for their actions at all.
Please implement Dodd-Frank as written and do not give in to the pressure to weaken the legislation in the rulemaking process.
