July 18, 2023
I just read an absolute garbage letter (ES162040) from Congress to Chair Gensler about how publicly disclosing swaps and securities loans could hinder the SEC's core mission to maintain fair, orderly, and efficient markets. This is nonsense. Transparency is fair, transparency creates order and efficiency. Lack of transparency gives certain entities advantages, which they then use to make a ton of money, of which a large portion is donated to congress so congress will advocate on their behalf. This is exactly what is happening with this letter, Congress advocating on behalf of the wealthy who donate to them, advocating to keep unfairness in the market so Congress's donors can take advantage. This is the opposite of the SEC's mission is nonsense. I am disgusted that Congress would advocate for this and that the SEC would consider it. It should not be done.