Comment Text:
Submitter Info:
First Name: Susan
Last Name: Kelech
Mailing Address: 53 North Arch Street
City: Johnson City
Country: United States
State or Province: NY
Postal Code: 13790
Reckless Wall Street derivatives trading helped collapse the economy, costing Americans 8 million lost jobs and $14 trillion in lost household wealth. The Dodd-Frank Wall Street reform law cracks down on the speculators and high rollers, brings transparency to dark markets and forces the big banks to put real money behind their bets.
Now the Wall Street lobbyists are working feverishly behind the scenes to punch a number of loopholes into the law during the agency rulemaking process. New House Financial Services Committee chairman Spencer Bachus (R-Al.), has promised to go ?piece by piece, provision by provision? through the law to determine what ?changes? need to be made. In particular, Bachus wants to allow banks to go back to their old tricks that help bank executives take home big bonuses by creating risks that can bring down the financial system.
Its important for the regulators to hear from people concerned about the public interest, not just industry lobbyists. Send the letter below to Gary Gensler the Chairman of the Commodities Futures and Exchange Commission and tell him how important it is to say ?no? to the big banks and their billion-dollar loopholes!
