Aug. 10, 2022
To Whom It May Concern, I wanted to reach out to you in regards to the OCC filing SR-OCC-2022-803. The filing requests a rule change the OCC must follow regarding disclosures and funding of its liquidity facility. I have many concerns in regards to this. It will not help US markets and in fact, do them harm. The OCC is requesting to change the rules to enable them to pull 2.5 billion dollars, as well as remove the cap so that they can tap pension funds for as much as they "need" without asking again. How is that good for the people whose pensions they would be taking the money from? Stated in the request: "that would enable it to, among other things, continue to meet its obligations in a timely fashion and as an alternative to selling Clearing Member collateral under what may be stressed and volatile market conditions." There is a reason they have collateral. Any normal person unable to meet their obligations have to give up their collateral. It should be th same for the OCC. To me its like they are saying: if I'm making bets with someone else's money, I'm free to make riskier bets since I won't suffer the fall out. These changes are incredibly harmful to the US markets and the people of the US. If the OCC follows the rules, than they wouldn't need to do either of these things. They are requesting a bailout for people who made un-wise bets. If you agree to their requests you are encouraging them to do the same thing again and again. They won't learn their lesson unless the suffer the consequences. The OCC's actions show that the risk for a large crash is growing. Please do not agree to their request. It will only encourage them to continue with these dangerous actions and create another bubble in the future. They must suffer the criminal and financial consequences for their actions. The SEC has an obligation to deny SR-OCC-2022-803 in its entirety. Thank you for your time, Kat England