Jul. 20, 2023
To the SEC, I am deeply frustrated by the letter sent in opposition by certain members of Congress. Their influential positions play a significant role in shaping our nation's policies. It is of utmost importance that you prioritize the well-being of household investors and ensure fair markets, rather than solely catering to the interests of the wealthy elite. I find the recent response from these members of Congress regarding the proposed changes in reporting requirements to be concerning. By opposing this crucial reform, they appear out of touch with the concerns of household investors. Their stance raises doubts about their commitment to safeguarding the integrity and stability of our financial system. As a member of the silent majority, I feel compelled to speak up against their response. It is critical to emphasize that the failure to implement stricter reporting regulations, as demonstrated by the recent Archegos Capital debacle, can lead to systemic failure. We cannot afford to ignore the lessons learned from such disastrous events. The proposed changes seek to address loopholes and vulnerabilities that enable high-risk practices and hidden assets. By opposing these changes, certain members of Congress inadvertently enable the continuation of practices that jeopardize the financial well-being of everyday investors. I wholeheartedly support your position on security-based swaps and security loans, and I stand firmly in support of transparent markets and the interests of household investors. The proposed reforms aim to level the playing field, reduce the potential for market manipulation, and ensure greater accountability for financial institutions. By advocating for stricter reporting requirements and actively working to implement these changes, you have the opportunity to restore confidence in our financial system. This is not only crucial for the well-being of individual investors but also for the overall stability and prosperity of our economy. We urge you to prioritize the best interests of household investors over the concerns of a select few. Embrace this opportunity to demonstrate your commitment to a fair and transparent financial system that protects the livelihoods and investments of everyday Americans. Together, let us work towards a future where systemic failures are prevented, market abuses are curtailed, and household investors can trust in the integrity of our financial markets. Best regards, Daniel Abad