Subject: File No. SR-NSCC-2022-801
From: Alex Louden

April 20, 2022

This does not seem like a proper way for borrower's to repay their lenders in any situation where they can no longer maintain their margin requirements for a short position on a specific stock. It seems equivalent to taking out 3 new credit cards in order to pay off your first credit card which has never been a good long term strategy in everything that I have been told. I hope you do not go forward with this proposed change.