Comment Text:
Submitter Info:
First Name: Mrs. Shirley
Last Name: Schlichter
Mailing Address: 702 Camino Real Dr.
City: Leander
Country: United States
State or Province: TX
Postal Code: 78641
Organization Name: Shirley Schlichter
Dear Chairman Gensler:
Re: End-User Exception to Mandatory Clearing of Swaps (RIN 3038-AD10)
I understand that the big banks and their friends 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.
Please help the people of this country by regulating the banks and putting a decent ceiling on big salaries, raises, bonusus, and other payoffs to the big bosses in banking. It puts an unfair tip of the see-saw in our economy. In other words, the money that goes to them is not in our economy. Then, therefore, they wish to short their employees, customers, and the rest of the population. That greed is what made the economy bad. It, also, sent a message to scammers to scam big because the banks are. It, also sent a message to the banks to do anything to get the money to pay these people, including scam their own customers! The tip of the scale shows the injustice made. Please, do not partake of allowing this to keep
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!
Americans for Financial Reform
