Comment Text:
Submitter Info:
First Name: Beau
Last Name: Bernstein
Mailing Address: 15 Pike Street (3F)
State or Province: NY
Organization Name: No a member of any organization-just a concerned citizen.
Truth be told,
There is no such thing as a self correcting free market. Wall street traders, staff and managers have proven that they cannot be trusted to conduct responsible financial transactions and therefore must be carefully regulated.
The big banks and their allies 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.
