Comment Text:
Submitter Info:
First Name: Phillip J
Last Name: Crabill
Mailing Address: 430 Copperas Trail
City: Highland Village
Country: United States
State or Province: TX
Postal Code: 75077
Organization Name: Phillip Crabill
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.
We cannot trust people who bankrupt their business and get millions in bonuses for doing so. DON'T let them hide their shady deals!!!! PLEASE!!
