Apr. 20, 2022
Good Afternoon Mr. DeLesDernier, this 40+ page proposed rule was clearly written by lawyers who work for the interests of Wall St. and big banks. I am no lawyer so I will not attempt to refute this proposal line by line. It is no secret that the special interests of Wall St and big banks have written the laws and created the loopholes necessary to tilt the scales in their favor in almost every regard imaginable when it comes to securities and the financial industry. It is the American people and taxpayers that are ultimately victimized, indebted, and footing the bill for what is blatant corruption and greed on Wall St, the banking industry, and their supposed regulators. We should be seeing proposals that are eliminating loopholes and simplifying the clearing process. Yes, times are changing and technology has come a long way. That is not an excuse to add further layers of obfuscation to an industry already in need of the opposite. When you cut through all of the legal speak and you consider what a FTD is and what should be done with them, it is simple. They should be eliminated entirely and punished. It seems as though this proposal is yet another way for people to sell something they don’t have and never deliver it by packaging it with other and calling it something else. It is time for our markets to become more transparent and straight forward not complicated and convoluted. This shouldn’t have been proposed once, let alone 3 times! Confidence in the American Stock Market is waning globally. Adding additional layers of loopholes to allow the bad actors who are already fleecing the hard working citizens of world-- continue to do so is not the way. Thank You For Your Time, Patrick McDowell