Comment Text:
Submitter Info:
First Name: Jan (Mr.)
Last Name: Hull
Mailing Address: 3737 E Millcreek Canyon Road
City: Salt Lake City
Country: United States
State or Province: UT
Postal Code: 84109
Organization Name: Jan Hull
Dear Chairman Gensler:
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Re: End-User Exception to Mandatory Clearing of Swaps (RIN 3038-AD10)
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The big banks are calling for exemptions for a very broad array of companies from the clearing and margin requirements of the Dodd-Frank act.
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This act 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.
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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.
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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.
