Mar. 25, 2023
March 25, 2023 Dear SEC, I am writing to express my concerns regarding the proposed amendments to the Dodd-Frank Act of 2010. As you know, Section 13 of the Bank Holding Company Act was amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. The proposed amendments to the Dodd-Frank Act of 2010 will essentially allow malicious actors to escape not one but two levels of safeguards. I am deeply troubled by the exemption from the Volcker Rule provided in the proposed rule as well. This exemption effectively removes the prohibition on proprietary trading by banks, which was put in place to protect consumers and ensure a stable financial system. Allowing banks to engage in proprietary trading increases the risk of market manipulation and puts consumers and investors at risk. These proposed amendments, if implemented, will provide exceptions for risk-mitigating hedging activities, liquidity commitments, and bona fide market-making activities. While these exceptions may seem harmless, they will essentially provide a loophole for malicious actors to engage in naked shorting and market manipulation activities with zero accountability. Furthermore, this enforces a free reign for thugs empowered by the exemptions in this proposal. Allowing individual or household investors to purchase securities underwritten by the exempted players under this amendment is akin to allowing the counterfeit currency to enter the market. This basically is fraud on the receiver of the said security from a transaction. I strongly urge the SEC to reconsider these proposed amendments and instead focus on strengthening the safeguards that were put in place by the Dodd-Frank Act of 2010. Sincerely, Anonymous Investor