April 20, 2022
I pass myself off as a cynical person, yet deep down I still have faith in the system. Regulations such as this have eroded that faith...
This proposal is blatantly setup to enable banks, prime brokers, and hedge funds to continue to massively abuse market functions in the name of 'liquidity'. When I borrow a power drill from my neighbor, I don't return a piece of paper that says \"this is legally as good as the drill I borrowed, consider my obligation closed\". I have to give him back his drill...if that means I have to go buy it (because maybe I LENT it out and have lost track of it) then that's what I have to do, even if drills are now more expensive.
I also can't give him a sawzall in return...I borrowed a drill, I owe him a drill.
I hope that those left at the SEC with an ounce of integrity will remember their duty to protect RETAIL investors and veto this proposal.
Proverbs 22:7-9 The rich rule over the poor, and the borrower is slave to the lender. Whoever sows injustice reaps calamity, and the rod they wield in fury will be broken.