Feb. 8, 2024
The proposed change to the rule (SR-OCC-2024-001 34-99393) that will eliminate margin requirements during volatility is only going to allow those who have been irresponsible with their gambles and have overextended themselves, to not only continue to prey on American stocks, but will enable them to denigrate the US stock market further, to a degree we have not seen. If this allowed to pass, soon other rules will be set aside and transparency will decrease, and the SEC will be complicit in allowing the richest and malicious to be the most irresponsible. If an average person has a large loan, and they tell their mortgage company, hey you're making it really difficult on me to buy a yacht and make millions, the bank would laugh and seize the house as soon as payments appropriate for the mortgage were not made. This is understood as a term of the loan. The proposed SEC rule change makes absolutely no sense other than to allow bad actors who act in the open, to continue their bad behavior. Please prevent this legislation from being approved. Sincerely, Chris Edwards