Comment Text:
Submitter Info:
First Name: Forrester and Judith
Last Name: Nicolson
Mailing Address: 7 Wall Street
City: Wellesley Hills
Country: United States
Postal Code: 02481
Organization Name: Forrester and Judith
Dear Chairman Gensler:
The big banks are pushing for changes in the requirements of Dodd-Frank that would throw important trades back into the shadows. 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 continue to gamble in the derivatives markets. Doing so would allow companies that are still too big to fail to gamble with the nation's welfare.
This is what led to the meltdown and is continuing today, as a new bubble forms. Please implement Dodd-Frank as written and do not give in to the pressure to weaken the legislation in the rulemaking process.
Thank you!
