Comment Text:
Submitter Info:
First Name: Audna
Last Name: Lang
Mailing Address: 350 Tangerine Court
City: Henderson
Country: United States
Postal Code: 89015
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.
As a REAL ESTATE agent I have seen first hand and continue to see the misery the "unorthodox" practices of the industry have caused. These people ignore federal laws like RESPA. They foreclose on people without notice. They foreclose when people are in the process of loan modification. They foreclose without the proper documents. I could go on and on. However I won't because you already know all this. All of this is pertinent to what you are considering because a lot of these banks were betting against their own investors who they sold these mortgages to. That to me is fraud. If I did it I would be joining Bernie Maddoff in a federal prison.
Thank you!
Thanks for your help!
