Aug. 10, 2022
August 10, 2022
Email the SEC and tell them how crazy this is.
A proposed draft outline is as follows:
I am a retail investor, and am aware of OCC filing SR-OCC-2022-803
The filing requests a rule change the OCC must follow regarding disclosures and funding of its liquidity facility.
The requested changes are harmful to US markets and to the world markets
they request changing the rules regarding advanced notice, which has no value to the public, and threatens substantial public harm.
Only OCC can benefit: if they plan to follow the rules, there is no need for this change at all. It is effectively passing the burden of debt to the public and to holders of pensions, as well as taxpayers
they request a bailout for the individuals who took on irresponsible risk without plans to make restitution, thereby encouraging such behavior in the future
All of their actions suggest the risk for a crash is large ($23.8B large) and growing
Unless they suffer the financial and criminal consequences for their behavior, this will continue to happen.
The SEC has a moral obligation to deny SR-OCC-2022-803 in its entirety on behalf of the people
Failure to do so will create a larger bubble to pop during the next market correction, which will harm everyone