February 19, 2022
Hello, I am a middle-class American, and like many others, I routinely set aside money for my retirement. I do this to ensure a stable financial future for myself and my family.
However, also like many Americans, I have a genuine concern about the lack of transparency in certain financial instruments, specifically swaps. Historical events, like the 2008 Financial Crisis, has already shown this country that the opaqueness of the derivatives market and the lack of transparency can end in disastrous consequences. This makes me concerned on a personal level about the integrity of the markets in which millions of people, like myself and my family, have invested our financial futures in.
I strongly support the SEC's approach to prohibit fraud in security-based swaps, holding compliance officers accountable, and increasing the visibility for all investors to gain more transparency into large-security based swap positions.
I personally believe a combination of these 3 approaches will not only ensure a fairer market for all Americans, but also continue inspiring confidence that American markets can continue providing financial stability to help our families and our country prosper.