Comment Text:
Submitter Info:
First Name: Barbara
Last Name: Zatrine
Mailing Address: 5196 Graveline Rd
City: Bellingham
Country: United States
State or Province: WA
Postal Code: 98226
Organization Name: Barbara Zatrine
Re: End-User Exception to Mandatory Clearing of Swaps (RIN 3038-AD10)
Dear Chairman Gensler:
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. UNNECESSARY and UNWISE!
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, common-sense exception to include financial and commercial institutions that want to gamble in the derivatives markets. Doing so would once again 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, the results from which the country may never fully recover.
Please implement Dodd-Frank as written and DO NOT give in to the pressure to weaken the legislation in the rule-making process.
Thank you!
