Jul. 24, 2023
Vanessa A. Countryman Secretary U.S. Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 205499–1090 rule-comments@sec.gov Re: Reopening of Comment Period for Position Reporting of Large Security-Based Swap Reporting (File No. S7-32-10) Dear Ms. Countryman - Accurate and transparent Swap reporting lies at the heart of a fair market and healthy economy. Currently, there are so many abuses by financial institutions and opaque language surrounding such swap reporting disclosures for the sole purpose of misleading retail/household investors, as well as regulatory oversight, and hiding fraudulent activity. Make no mistake, the world (especially US investors like myself) have become very aware of such nefarious practices and are closely watching market structure to fix or broadcast these systemic issues. It is your responsibility to correct this manipulative institutional behavior and stop gaslighting individual investors immediately. I am infuriated by the letter sent in opposition by several members of Congress. They hold a pivotal position 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 simply catering to the interests of the 0.1%. While the recent response from some members of Congress against the proposed changes in reporting requirements is concerning, it is not surprising in our extremely dichotomized political environment. Equally concerning but not surprising is the fierce opposition by firms and institutions directly influenced by "Big Money". By opposing this vital reform, they are not aligned with the interests of household investors - which far outnumber them. Their stance raises questions about their commitment to safeguarding the integrity and stability of our financial system. I am part of a silent majority that has been pushed too far by their response and will be silent no longer. It is crucial to emphasize that 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 catastrophic events. The proposed changes seek to address loopholes and vulnerabilities that enable high-risk practices and concealment of assets and is supported by anyone that cares for the integrity of our markets over short-sighted profiteering. I support your position on security based swaps, and security loans, and 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. While generations of investors have historically been complacent in the regulatory process of our financial markets, I assure you this is no longer the case. I urge you to prioritize the best interests of retail/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 moving forward. I believe you are very aware that the day of reckoning is fast approaching and the world is closely watching. Best Regards, Patric McInnis Retail/Household Investor & CTE Instructor Wheatland Union High School