Comment Text:
I urge the committee to review their stance on the Swap Reporting requirements. The current rule delaying all reporting for 2 years has created a landscape ripe for fraud, but more importantly, has created a systemic risk for the entire US financial sector. The derivatives market is massive and dwarfs the regular market, and the intentional hiding of this data has allowed the problem to continue to grow.
We MUST require timely and accurate reporting, and immediately begin remediation efforts for any party which fails to meet their duties or provides inaccurate data. This is unacceptable to allow it to continue on for years while the financial institutions continue to abuse America's economy.
