July 19, 2023
Dear Sir/Madam,
Good morning. I am writing to express my strong support for the Securities and Exchange Commission's proposed rule for \"Position Reporting of Large Security-Based Swap Positions\".
The fact that greater transparency and accountability is receiving pushback should be a giant red flag to the commission. Opaqueness and unregulated financial instruments breed corruption, potential dangers, and systemic risks that can impact not only individual investors but also the stability of our entire financial system and thus the world economy.
How can a system be less free and fair with more transparency and accountability?
The fact of the matter is true and fair markets RELY on transparency and equal access to information.
I am highly disappointed by the letter sent in opposition by several members of Congress. They hold a pivotal position in shaping our nation's policies. It is of utmost importance that you prioritize the well-being of household investors and ensure fair markets, rather than simply catering to the interests of the wealthy.
The recent response from some members of Congress against the proposed changes in reporting requirements is concerning. By opposing this vital reform, they are not aligned with the interests of household investors. Their stance raises questions about their commitment to safeguarding the integrity and stability of our financial system. I am the silent majority that has been pushed to far by their response.
The commission to should pay attention to what those members of congress are saying. They state, \"In order to help the communities we represent succeed\", they oppose a fair and transparent financial market for all. Well, who exactly are these communities that they represent? It is my hope that the SEC simply look into the financial donors to the signatories, the source of any gifts they declared and who booked them for speaking engagements to properly determine who they truly represent in their comments and understand that it isn't the general public individual investor.
I support your position on security based swaps, and security loans, and stand firmly in support of transparent markets and the interests of household investors. The proposed reforms aim to level the playing field, reduce the potential for market manipulation, and ensure greater accountability for financial institutions.
By advocating for stricter reporting requirements and actively working to implement these changes, you have the opportunity to restore confidence in our financial system. This is not only crucial for the well-being of individual investors but also for the overall stability and prosperity of our economy.
We urge you to prioritize the best interests of household investors over the concerns of a select few. Embrace this opportunity to demonstrate your commitment to a fair and transparent financial system that protects the livelihoods and investments of everyday Americans.
Together, let us work towards a future where systemic failures are prevented, market abuses are curtailed, and household investors can trust in the integrity of our financial markets.
Best regards,
Individual Household Investor