Aug. 09, 2022
August 9, 2022 To the Employees of the SEC, Recently, I was made aware of the new proposal from OCC filing SR-OCC-2022-803. This filing blatantly requests permission from SEC to expand their access to liquidity in pension funds due to Clearing Member default, which will directly increase overall risks to pension funds and those individuals contributing to such funds. Pension funds are already known to be severely underfunded, and by exposing these funds to potentially infinite loss at the OCC, the SEC is only furthering the amount of losses these pension funds will ultimately accrue due to poorly managed and extremely risky, overly-leveraged trades. Since pension funds are most commonly used and guaranteed by government entities including federal, state and local fronts, the SEC is unfairly shifting responsibility from a Clearing Member default and poorly managed risk, directly onto the laps of the American taxpayers. Using the above facts + common sense alone, the SEC should move to deny this proposal, effective immediately. If the OCC chooses to poorly manage not hold Clearing members accountable, this incredible risk should obviously be managed solely by the OCC and its Clearing Members. There is absolutely no logical reason the American taxpayer should ever have to cover the losses of a financial institutions unbelievable greed, ever again.