Comment Text:
Submitter Info:
First Name: Dawn
Last Name: Stanko
Mailing Address: 9828 Concord Rd
City: Dublin
Country: United States
State or Province: OH
Postal Code: 43017
Organization Name: Dawn Stanko
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 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. THIS WILL BE THE DEMISE OF OUR FINANCIAL SYSTEM. THE ARTICLE IN ROLLING STONE DOCUMENTS HOW THE LAWS ARE NOT BEING ENFORCED, AND THIS WILL ONLY CONTRIBUTE TO MORE FRAUD AND STEALING.
You may be thinking that these decisions will somehow not affect you, BUT WHEN YOU STEAL FROM YOU COUNTRYMEN, YOU STEAL FROM YOURSELF!
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.
Thank you!
Thanks for your help!
Dawn Stanko
