Comment Text:
Submitter Info:
First Name: mary
Last Name: housel
Mailing Address: 354 south street
City: new providence
Country: United States
State or Province: NJ
Postal Code: 07974
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.
We need transparency to keep the injustices and back-door dealings that got us into the financial bind we're in on Wall Street to never happen again! Protect America, protect our interests, and our economy! Don't let the rich and greedy rule our money or our economy! Their greed and desire to gain more for self and leave nothing for the rest of us will not help matters, and further ruin the USA and increase distrust in banks and financial institutions!
Thank you!
