No Offshore End-Run Around Derivatives Reform
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No Offshore End-Run Around Derivatives Reform To the Commissioners of the Commodity Futures Trading Commission: We, the undersigned, urge you to stand up for rules that apply the transparency and safety requirements of the Dodd-Frank Act to all derivatives transactions relevant to U.S. markets, regardless of whether these transactions are routed through a foreign subsidiary or entity. We need rules that cover all transactions, wherever they occur, which have the potential to jeopardize America’s financial institutions and financial security. That’s how the rules must to be structured in order to work.. And that’s how Dodd-Frank was written. We call on you to uphold that standard. Exempting the transactions of overseas subsidiaries from the full scope of derivatives regulation would be a giant loophole, encouraging banks to move transactions offshore and permitting an indefinite continuation of the kind of reckless activity that helped crash the economy in 2008. Delay, too, can be a strategy for weakening and evading the law. Four years after the financial crisis and two years after the passage of Dodd Frank, it is time to insist on high standards that apply to all the derivatives transactions of U.S. banks and their subsidiaries. David Montano, Denver, CO Molly Noone, Chandler, AZ Lily Kirsanow, Rio Rancho, NM Jocelyn Davis-Beck, Beecher, IL Bradley Walker, Arlington, TX John Flitcraft, Cambria, CA Kevin Cox, San Francisco, CA Sandra Holt, Casselberry, FL Nancy Rominger, Salisbury, NC Karen Christian, Vail, AZ melvin olson, flippin, AR Ron Bigler, Silver Spring, MD Stephen Hackney, Grangeville, ID Carla Behrens, Longmont, CO Erika Ingato, Zionsville, PA Karin Paris, Ennis, TX Jeni Bettjer, Descanso, CA Jan Stevenson, Stillwater, OK Ms. Stacey A. Ward, Esq., Los Lunas, NM Donald J. Shaw, SYRACUSE, NY Philip Lohrmann, Battle Ground, WA Dena Wise, Knoxville, TN Catharina Howard, San Leandro, CA Ameire Stevens, Detroit, MI John Garza, Huntington Beach, CA Ellen Garnett, Chapin, SC Joan Kramer, Los Angeles, CA Robert Rogan, Detroit, MI Ken Burke, Oakland, CA Arthur Hansen, Kew Gardens Hills, NY Don Brake, Holland, MI bruce tonnessen, deerfield beach, FL Richard Bolotin, Arlington, VA Alan Wojtalik, Baltimore, MD Lionel Castille, New Orleans, LA Richard Duffy, Yonkers, NY Ted Fishman, , Lawrence Meany, Waltham, MA James Alstrum, Normal, IL Gaye Smith, Los Angeles, CA Sawatdee Sanlavun, silver spring, MD David Greene, Columbus, OH Velma Andregg, Tulsa, OK DOUGLAS GILMORE, nashvile, TN Dan Meier, Cedar Falls, IA Barbara Juszkiewicz, Buffalo, NY Mary Coleman, Orangevale, CA Andres Mejides, Homestead, FL Michael Harriosn, Eckert, CO Joseph Silva, Lincoln, CA Barbara Kaye-May, Corning, CA james wayrynen, entiat, WA Dean Robb, Plainfield, NJ Elizabeth Saenger, Mamaroneck, NY Andrew Janson, Pasadena, CA david sorkin, new york, NY DONALD WATSON, MONROVIA, MD Stosh Zona, Avondale, PA James Moran, Reston, VA Sally Small, Columbus, OH Anita Gebhardt, Dallas, TX Michelle Mullen, Lincoln, NE Emily Willoughby, Tukwila, WA John M Persel, Toms River, NJ Joan Reilly, Philadelphia, PA Mark Lamport, Marion, IN Shane McAndrew, Prospect Park, PA Joanne Zipay, New Windsor, NY Timothy Taylor, Los Angeles, CA Donald Allred, Ellensburg, WA Bill and Jan Tache, Penn Valley, CA Karen Thompson, Richmond, CA Colleen Carter, Canyon Country, CA David Reid, Colorado Springs, CO Anthony Capobianco, Bethel Park, PA Patricia Fleetwood, Nashville, IN Jeanne Piehl, hutchinson, MN Robert Cassidy, Harrison, ME Elizabeth Guise, Los Angeles, CA Rebecca Tippens, Colrain, MA Susan Pelakh, Cocoa Beach, FL Richard Arrindell, Melbourne, FL Nicholas Mantas, TWP WASHINTON, NJ Daniel Fischer, Astoria, NY michael riley, quincy, MA Jane Halsey, San Francisco, CA tony viren, machesney park, IL Harold T. Hodes, Ithaca, NY Linda Brown, Phoenix, AZ Michael Molder, Newberry, SC Robert J. Hayes, Lawrenceburg, TN Christy Kurtz, Bartlett, IL chuck matzker, Framingham, MA Denise Brennan, Auburn Hills, MI Dona LaSchiava, Tucson, AZ Gabriel Sheets, Merced, CA Donald Hyatt, Columbus, OH Stephen Bamford, Tallahassee, FL tara daniels, dallas, TX Pam Hogarth, Los Angeles, CA Anita McDermott, North Kingstown, RI Ed Sahagian-Allsopp, Milwaukee, WI John Mowrer, Myerstown, PA Vivian Gilbert, Red Feather Lakes, CO William Montgomery, Pottstown, PA Mitzi Duxbury, Madison, WI Bill Moore, Seattle, WA Mr & Mrs. Andrew and Antonia Chianis, Blue Donna Potter, cary, NC Jay, CA David Modarelli, Akron, OH Mikki Chalker, Binghamton, NY Barbara Kantola, Niles, MI N Ray, , Donald Crosby, Tallahassee, FL Pamela Scott, Boulder Creek, CA Gordon Brown, Topanga, CA J L Cone, Ruskin, FL Timothy Post, Lee's Summit, MO Ramsay MacInnes, Cherry Valley, MA p ross, fairmont, WV Paul Lambert, Boynton Beach, FL Shirley Crenshaw, St. Louis, MO L.D. Hieber Jr., Chelsea, MI Michele Hood, Tallahassee, FL Deborah Rubin, New York, NY Donald Ino, San Francisco, CA Wendy Schultz, Seinole, FL Mark Gotvald, Pleasant Hill, CA Tullio Giudici, Glendale, CA Harriet McCleary, Minneapolis, MN Susan Morrissey, Menasha, WI Sean Hagstrom, Redlands, CA Dan Carpita, Enumclaw, WA Weldon Tallant, OFallon, IL Leslie Cassidy, New York, NY Katherine Nelson, Kent, WA Dana Bleckinger, Portland, OR dora haslett, portland, OR DIANNE NOBLETT, MECHANICVILLE, NY SHIRLEY ROBINSON, Brooksville, FL Marilyn Booton, Saint Paul, MN Brad Walker, Swansea, IL Jesse Gennarelli, Nanuet, NY Frank Heller, Duluth, MN Garry Potts, Dallas, TX Michael McHugh, Pinellas Park, FL Sam Cowan, Carmichael, CA Virginia Pratt, Jamaica Plain, MA Jacquesques Zakin, Worthington, OH Randy Meek, Lincoln, NE Norma Fleischer, Naples, FL Karen Lind, Union City, NJ Jorge Garriga, Hialeah, FL Joan Lang, Cleveland, OH Linda Kronholm, North Port, FL Rachel M Hervey PHN, Santa Margarita, CA lee brown, muskegon, MI Rhesa Antone, Clayton, DE T C, Crest Hill, IL Brian Gregory, Bremerton, WA Randy Christensen, Fort Lauderdale, FL Bryan Lilienkamp, Indianapolis, IN David Burns, Louisville, CO Davis Montalvan, Whitter, CA Pamylle Greinke, Peconic, NY Alyssa McConkey, Loveland, CO Anda Friedman, Cambridge, MA Martin Mendelsohn, Norfolk, VA Michael Sherber, Avon, CT Den Socling, Jersey Shore, PA Keith Walsh, Brooklyn, NY Al Knickerbocker, Mountain View, CA Richard Rew, Denver, CO Terry Huey, Lexington, KY mike wise, murfreesboro, TN Paul Jefferson, Lawrence, KS Michael Johnson, Ruther Glen, VA Raymond Wells, Ellensburg, WA Angel Garcia, Bronx, NY Laura Neiman, New York, NY Alexandra Gruskos, Pittsburgh, PA Carl Carter, Hillsboro, OR April Atwood, Seattle, WA Robin Fox, Croton-on-Hudson, NY John Fagot, Georgetown, TX Kelly Warner, Bigelow, AR Anthony Nicolau, Brooklyn, NY Tina Snyder, Tonopah, NV Joyce Duarte, Middleburg, FL Krishnan Chittur, Briarcliff Manor, NY Lyle Elkins, San Diego, CA Kathy Bentley, Baltimore, MD Chessa Rae Johnson, New Orleans, LA Ann McMullen, Sandy, UT Ed Pinson, Monrovia, CA Giles Morris, McLean, VA Terry Adams, tower city, PA Jim Thomas, Chapel Hill, NC Donald Wolochow, La Jolla, CA Richard Klene, Jackson, WY John Kaufmann, Merritt Island, FL Karla Devine, Manhattan Beach, CA Libby J. Goldstein, Philadelphia, PA Patricia Schwab RN, San Diego, CA Rebecca Lubetkin, Mountain Lakes, NJ Vinayak Vinayak, Palm Springs, CA Hillary Buckingham, Hastings on Hudson, NY M. Tomec, Granger, IN Cynthia RaHA, New York, NY Jay Fry, Grand Prairie, TX David Miller, Huntington, NY Judith Peter, Port Charlotte, FL Nicholas Mantas, Twp of Washington, NJ Melvin Greer, Glendale, AZ Vincent Gormley, Sioux Falls, SD Shari Bruun, Camas, WA John Lockard, Summerfield, FL Henry Winckler, CARMEL, IN Bill Liddle, Schenectady, NY Julie Hoffer, Brooklyn, NY carleen mulloy, kansas, MO Bonita De Trinis, Lyndhurst, VA Michael Kemper, San Francisco, CA Allison Burke, Hemet, CA Helena Freeman, LA, CA henry holtzman, new york, NY George Campbell, Clearwater, FL Carolyn Wood, Albany, GA Jose Ricardo Bondoc, San Francisco, CA Marla Drucker, Asheville, NC Ronald Sweeney, Cherokee, OK Bob Duke, Charlottesville, VA Jose Luis Greco, Danbury, CT Ronald Richardson, Missouri Valley, IA Ron Dixon, Princeville, HI Mark Swenson, Maple Grove, MN Sharon Rosner, Beverly Hills, CA Celine Fatula-Grenier, Capitola, CA Peter Gunther, Chicago, IL Robert Giese, Appleton, WI Jennifer Scott, Fort Myers, FL Tim Warner, Los Angeles, CA Bob and Mary Place, Westerville, OH Lisa D'Ambrosio, Lancaster, MA d hilliard, marietta, GA Gwen Schmitt, Pleasant Hill, CA James Breymaier, Oak Park, IL Raven Dorantes, San Francisco, CA Virginia Utt, Melbourne, FL Kevin Macdonald, Belgrade Lakes, ME Mark Hein, Woodland Hills, CA Robert Deck, Toledo, OH Temma Pistrang, Lake Forest Park, WA Howard Stein, Chicago, IL John Crotty, Manchester, MO Glenn Whitmore, Fossil, OR Sam Sanders, Santa Fe, NM E. Schmidt, Ellisville, MO Richard Santora, Center Valley, PA Barry Hubbard, Atlanta, GA richard willing, terlingua, TX Joseph Whittle, Sykesville, MD Alese Tait, Stratford, CT Laurie Smyla, Sloatsburg, NY Janet Forst, San Francisco, CA Robert Fricke, Alsip, IL Molinda Parker, Grove, OK Tom Thorpe, New Port Richey, FL Richard Brei, Geneseo, IL Candace Johnson, Long Beach, CA Judith Shipsky, Albuquerque, NM Alan Kardoff, Palm Bay, FL Madelyn Matijevich, Clinton, MS Mary Truelove, Martinsville, IN Ardelle Tuxen, La Crosse, WI Dennis Moore, Salem, OR Fred Wesenberg, Virginia Beach, VA Arthur Sutherland, Sandy, UT Maureen McCormick, Jensen Beach, FL Graham Joy, Purcellville, VA Dave Lindblom, Mount Pleasant, UT Ron Bigler, Silver Spring, MD Jared Cornelia, Wilmington,