April 20, 2022
As an individual investor, I am firmly opposed to this rule that looks to improve the \"balance sheets\" of financial institutions in the face of record inflation and an already dangerously overleveraged industry when my personal balance sheet is looking pretty dismal. This is yet another poke at the blocks of the Jenga tower that holds up the economy. It would be one thing if individual investors were playing the game, but we're not allowed. We are probably the pieces.
I hope this can be a wakeup call to any regulators and rule-writers reading this. This may seem like a minor rule change and you're probably saying \"get a load of this guy, get over yourself.\" Or maybe you're just falling in line until you can land a cushy job at a big bank or hedge fund. But this is how freedom is lost, one small chip at a time. Every dollar a financial institution makes is ultimately derived from the working class so every dollar made must. Be. Scrutinized. That is the job of regulators, to protect the little guys that are too impotent or too busy working (i.e. producing) to push back when necessary. Not a minute of your time should be spent streamlining the transfer of assets unless it involves making records easily accessible by the general public.
This rule does nothing to improve transparency and accountability for financial institutions, which is what I, and I am far from alone, am calling for. I say nay.
In conclusion, I know that rain isn't supposed to be yellow.