Comment Text:
Submitter Info:
First Name: Leota
Last Name: Hair
Mailing Address: 2347 Rosemont Pl W
City: Seattle
Country: United States
State or Province: WA
Postal Code: 98199
Organization Name: Leota K. Hair
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.
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.
I'm 65 years old and feel strongly that the financial system we are leaving to our children and grandchildren is terribly rigged for special interests within the financial sector and does not serve the interests of ordinary people who work every day producing real goods and and services. Please do the right thing regarding this end-user exception to mandatory clearing of swaps. The people are beginning to take note of who weakens legislation in order to serve these special interests.
Thank you!
Sincerely,
Leota K. Hair
