Protect the People, Not the Banks: Enforce a Strong Volcker Rule!
  • Petitioned The Federal Reserve

This petition was delivered to:

The Federal Reserve
FDIC
OCC
SEC

Protect the People, Not the Banks: Enforce a Strong Volcker Rule!

    1. Occupy the SEC .
    2. Petition by

      Occupy the SEC .

The Volcker Rule does two things:

1. It puts restrictions on proprietary trading (making speculative bets that could put the economy at risk) by banks, and
2. It limits bank ownership of hedge funds or private equity funds.

These are important restrictions because banks have access to trillions of dollars of YOUR (taxpayers' and bank depositors') money.  Congress intended for the Volcker Rule to act as insurance against future crises by reducing the exposure that banks have to high-risk assets, like the ones that caused the financial crisis of 2008.

But here is the problem: the current version of the Rule is not faithful to the guidance of Congress. The regulators writing the Rule introduced a number of unintended exemptions and loopholes that can be exploited by banks. In response we, Occupy the SEC (a working group within the Occupy Wall Street movement), wrote a comment letter asking that the regulators close down those loopholes and eliminate exemptions that dilute the rule's effectiveness.

Between now and July 21st, 2012, the regulators are going to write a final version of the Volcker Rule. During this time, banks will send their loyal army of lawyers to lobby the regulators in order to dilute the current draft of the Volcker Rule even further. So, here is where you come in. We are asking you to join us as co-signers in our letter, which you can read in full at http://occupythesec.org. By doing so you will be helping us stand up to the banking lobby and telling the Agencies to protect the people, not the banks, by enforcing a strong Volcker Rule!

To stay in touch with Occupy the SEC, please join our mailing list: http://www.occupythesec.org/#mailing

To learn more about the Volcker Rule please visit our blog:
http://occupythesec.nycga.net/

About Occupy the SEC

Occupy the SEC is a working group of concerned individuals that are petitioning the Security and Exchange Commission and other financial regulatory bodies to enforce laws that protect human beings, not corporations.

Recent signatures

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    1. Reached 2,000 signatures

    Supporters

    Reasons for signing

    • Jimmy Treacy GALWAY, IRELAND
      • about 2 years ago

      I see no reason why taxpayers should be liable for the trading activities of these large investment banks.

      REPORT THIS COMMENT:
    • flo szabo PLYMOUTH, MA
      • about 2 years ago

      The banking/mortgage industry has behaved in an obscenely greedy manner and clearly needs stringent regulatio if the middle class is to barely sirvive.

      REPORT THIS COMMENT:
    • Ann Condon GREAT BARRINGTON, MA
      • about 2 years ago

      The fallout from weakening the Volcker Rule are obvious. What's that saying about beating a head against the wall and stupidity?

      A.Condon

      REPORT THIS COMMENT:
    • Jean-Jacques Vergier ORLEANS, FRANCE
      • about 2 years ago

      Scandalised by the "business as usual" state of things after the banks-caused 2008 crisis. Naïve question : why not split the "too big to fail" in smaller "small enough to be let down" ?

      REPORT THIS COMMENT:
    • javaid aslam SANTA CLARA, CA
      • about 2 years ago

      Yes -- the Capitalism in US has become an organized crime. Wake up America!

      REPORT THIS COMMENT:

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