Comment Text:
Dear Members of the Rule Making Committee:
In order to be heard I have taken the time to voice the general concern of most members of the public who otherwise are completely unaware of the actions of your committee. Often the public does not have the time or the expertise to dissect and comment on individual rules proposed, like myself. However, I want to ensure that my voice is heard regarding the vision for which I believe should guide the actions of the committee.
For an extenuated period of time the government has been guided by the principles that deregulation was necessary to expand our economy and allow for markets to work efficiently. In reality we learned that the deregulation has often led to market inefficiency, often speculative market bubbles. These speculative increases have a profound effect on the real economy and the lives of all Americans who live their day to day lives without any understanding of for instance why they are paying more money at the gas pump. In the past we have even seen criminal speculation of the markets such as the deregulation that led to Enron and the fake California energy crisis. It is actions like these that have devastated, and yes I use the strong word, DEVASTATED the economy of the United States of America.
I applaud the actions by congress to bring regulation into the market place. I understand that a delicate balance is being struck between consumer protection and other market influences. It is my opinion that we need to take STRONG steps to bring the market into line to protect the average citizen. The role of the government is, and should be to ensure that the market functions fairly, efficiently, and equally.
We can not afford to ignore the much needed oversight in the commodity, other derivative markets and institutions (such as Mortgage Backed Securities, Off Sheet Balance Activities, Credit Rating Abuses). The threat of another asset bubble in the commodities market could lead to another economic downturn, and the next time around political fall out will prevent any market intervention, no matter how obvious at the time it may be that they are needed. So now is the time to stand up for market intervention.
I can not advocate for regulation that would greatly harm our economy, but I often find that this argument is used instead to prevent real reform from occurring, in essence to maintain the status quo. The United States can not afford the status quo. We must have action. We must put the meat on the bones of the Dodd-Frank proposals. We must protect economic stability. Remember the people who set forth this commission to govern, the people. Have compassion in your hearts for the average citizen and do the right thing for the disadvantaged first.
Sincerely,
Matthew Pra
