Subject: File No. S7-27-10
From: Tom Hughes

November 17, 2010

This summer I was proud of Congress and its efforts to make Wall Street more accountable. However made up of private entities, many of these companies benefit from tax dollars and effect public services such as service employee pensions so greatly, they ought to be regulated into having some transparency.
The 20/40 Rule included in the bill provides some restrictions so that clearing houses can check and balance banks. But independent clearinghouses cannot do their job if a majority of the company is owned by a collective of banks – something that would be allowed under the 5% Rule. The Wall Street Reform legislation provides an opportunity to end the reckless behavior of big banks which destabilized our economy and furthered the recession.
Our housing market, credit debt system, and small business loans are just a few elements of our economy depend on a stable and trustworthy stock market. I ask this committee to stand with the bill Congress passed, and regulate the derivatives market so that the American people can start to trust Wall Street again. Please do not impose the 5% rule on Wall Street reform.