Comment Text:
Submitter Info:
First Name: bill
Last Name: hammers
Mailing Address: 5314 tappan
City: reno
Dear Chairman Gensler:
Re: End-User Exception to Mandatory Clearing of Swaps (RIN 3038-AD10)
SEE ALSO END OF EMAIL...THANKS!
I am a member of Americans for financial reform and agree with their following statements:
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.
Thank you!
Thanks for your help!
bill hammers, unemployed architect
PS ONE IDEA I HEARD ON PBS THE OTHER DAY IS TO HAVE A TRANSACTION CHARGE ON STOCK SALES (AND BUYS?). THIS WOULDN'T EFFECT MY 1-2 TRANSACTIONS A MONTH BUT COULD SLOW THE FOLKS MAKING HUNDREDS IF NOT THOUSAND OF TRADES A DAY. MONEY COULD GO DIRECTLY TO HELP PAY DOWN DEFICIT WITHOUT
HAVING TO CUT EDUCATION AND OTHER WORTHWHILE PROGRAMS .
AGAIN, THANKS FOR YOUR CONSIDERATION.
