SUBMITTED BY OUR SENIOR TITLE ANALYST
Greetings,
Reckless Wall Street derivatives trading helped collapse the economy, costing Americans 8 million lost jobs and $14 trillion in lost household wealth. The Dodd-Frank Wall Street reform law cracks down on the speculators and high rollers, brings transparency to dark markets and forces the big banks to put real money behind their bets.
Now the Wall Street lobbyists are working feverishly behind the scenes to punch a number of loopholes into the law during the agency rulemaking process. New House Financial Services Committee chairman Spencer Bachus (R-Al.), has promised to go “piece by piece, provision by provision” through the law to determine what “changes” need to be made. In particular, Bachus wants to allow banks to go back to their old tricks that help bank executives take home big bonuses by creating risks that can bring down the financial system.
Its important for the regulators to hear from people concerned about the public interest, not just industry lobbyists. Send the letter below to Gary Gensler the Chairman of the Commodities Futures and Exchange Commission and tell him how important it is to say “no” to the big banks and their billion-dollar loopholes!
Here’s how you can help:
1. Follow this link to submit your comment to the CFTC.
2. Cut and paste the SAMPLE COMMENT that follows this message into the comment box. Fill out all the required information. In the required field that asks for your “Organization Name” please write your own name.
3. Click “Submit.”
SAMPLE COMMENT:
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.
Thank you!
Thanks for your help!
Americans for Financial Reform
Sent by Americans for Financial Reform
1629 K Street NW, 10th Floor, Washington, DC 20006 – (202) 466-3311
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