Comment Text:
Submitter Info:
First Name: Paul
Country: United States
State or Province: NY
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.
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.
I fear Dodd-Frank did not go far enough and now there's the risk of it being further diluted. This is personal for me and my family. The Wall Street casino has devastated our lives.
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!
