Aug. 10, 2023
Dear Sir/Madam, Good morning. I am a household investor, observing the SECs work to make significant progress towards fixing the loopholes and abusable legislation in the current system. However, now that such steps are taking place, we see many members of Congress opt to abandon their duty to their people, and file a letter opposing these rule changes. To say I am disappointed and mad with these Congress members is the mildest choice of words that they don't deserve. They hold a pivotal position in shaping our nation's policies, and not only do they decide now to care about the SEC's work, but to object to potential progress for the everyday worker. It is of utmost importance that the well-being of household investors and assurance of fair markets comes first. Catering to the interests of the 0.1% should not be considered by the SEC or other governing bodies, let alone before retail and households. The recent response from some members of Congress against the proposed changes in reporting requirements should concern their constituents. By opposing this vital reform, they are actively against the interests of household investors. They bring into question their commitment to safeguarding the integrity and stability of our financial system. I am the silent majority that has been pushed to call them out on this. I know that they will not care to read sound criticism of their actions, but I have seen that the SEC does, so I will continue to voice my opinion. Governing bodies must implement stricter reporting regulations, as demonstrated by the recent Archegos Capital debacle, which can lead to systemic failure. We have repeatedly learned the lessons from lack of regulation time and time again, and we cannot continue afford to ignore them any longer. Every time, it comes at the cost of the people that make up this country and its economic strength. The proposed changes seek to address loopholes and vulnerabilities that enable high-risk practices and concealment of assets. By opposing these changes, some members of Congress are allowing the continuation of practices that jeopardize the financial well-being of everyday investors, whether they know it or not. 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, address 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. Not just for the 0.1%, but for those that contribute to it. 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. Please, 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. We've had the lessons, and we know the solutions to these problems. Thank you for your time, and for permitting comments, John L. Note: I am resubmitting because I discovered my original comment was removed for some reason. Original was on June 19th.