I Get Letters ~ Senator Bob Corker(R)Tennessee

Letter From: Senator Bob Corker (R) Tennessee

Dear Don,

Thank you for contacting my office about reforming certain aspects of the financial services industry, particularly over-the-counter (OTC) derivatives. Your input is important to me, and I appreciate the time you took to share your thoughts. Following a near destruction of our financial system in 2008, it is clear that regulatory gaps need to be filled in order to bring safety and soundness back to our financial markets. The regulation of OTC derivatives is one aspect of the comprehensive regulatory reform packages that have been proposed in Congress. Due to the highly complex nature of these financial instruments, I am working with my colleagues, industry experts, and academics to understand the implications of the derivatives proposals, and how they will impact the overall economy. I believe it is important we take our time with this process, and regulate in an appropriate manner in order to avoid any serious unintended consequences that may occur. As the proposals continue being debated, I hope we will be able to produce a product that strengthens our financial markets by reducing counterparty risk and improving transparency. Thank you again for your letter. I hope you will continue to share your thoughts with me as I serve you in the United States Senate.

Sincerely,

Bob Corker(R)

United States Senator-Tennessee

Editorial : It seems that "Transparency" is the key word these days. I just wish Senator Corker`s letter was more transparent ! Unfortunately, it is not !