Comment Text:
Submitter Info:
First Name: Susan
Last Name: Mumpower-Spriggs
Mailing Address: 2718 Belaire Circle
City: Atlanta
Country: United States
State or Province: GA
Postal Code: 30340-3214
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. 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, from clearing and exchange trading requirements. We must not broaden this narrow, commonsense exception to include financial and commercial institutions that want to gamble again in the derivatives markets. with zero transparency and accountability.
This is exactly the kind of 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.
Thank you!
