Comment Text:
Submitter Info:
First Name: Guy
Last Name: Dore
Mailing Address: [email protected]
City: Austin
Country: United States
State or Province: TX
Postal Code: 78666
Organization Name: Guy Dore'
Dear Chairman Gensler:
Re: End-User Exception to Mandatory Clearing of Swaps (RIN 3038-AD10)
Please do not allow big banks to lower the transparency requirements of Dodd-Frank. That specifically includes the exemptions 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 commonsense exception to include financial and commercial institutions that want to gamble in the derivatives markets.
This is exactly the kind of murky shadow banking that led to the meltdown. Please implement Dodd-Frank as written.
Thank you!
