Oct. 23, 2023
I didn't read the proposal, but I did read the comments of those who did to get a feel for the sentiment. I think it was the 26 big money groups that said "Requiring qualified custodians to hold client cash in segregated, off-balance sheet accounts would fundamentally disrupt the core banking model of taking deposits, providing credit, and facilitating payments. For individuals, businesses, and communities, mandatory cash deposit segregation would reduce banks’ ability to provide credit. For investors and other market participants, segregation would slow down payment and settlement cycles, increase cost of funding and credit, and increase operational risks and trade failures." And therefore I support this proposal. Please make the markets fair for Household Investors going up against conglomerates with access to time to read the entire proposals, AI and high frequency trading. Thank you for your time.