Aug. 10, 2022
August 10, 2022 This rule should not be passed. If passed it poses significant danger to the security of the US markets and the interests of the public. How 'regulation' like this would ever be passed by an institution that claims to protect retail investors and the integrity of the markets is imcomprehensible to me. It says that as an alternative to selling Clearing Member collateral to manage a member default, the OCC wants more access to cash from pension funds and insurance companies. The OCC also wants everyone to agree there's no default even if the OCC suffers a material adverse change, such as the failure of a Clearing Member. It's purpose is to ensure that Main Street has to pay for the gambling and risk taking of Wallstreet. Nothing could be better suited to erode the already almost non existent trust in the financial industry and the government agencies meant to regulate it. Nothing could be more suited to ensure the continued gambling and risk taking by Wallstreet. If the rule is passed the attitide of Wallstreet that it can gamble money and lose it without facing consequences and instead be bailed put by taxpayers will once again be affirmed. It will perpetuate the irresponsibility already displayed by the financial institutions on Wallstreet. This rule doesn't constitute regulation but it is in fact deregulation. It is your duty to regulate these institutions not to make the markets even more lawless. It is your duty not to grant these institutions every single wish. It is your duty to stand up for the interests of retail investors and to oppose the continued irresponsibility of Wallstreet. Sincerely Martin R.