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

    News

    1. Reached 50 signatures

    Supporters

    Reasons for signing

    • Brandon Reddick LEES SUMMIT, MO
      • almost 2 years ago

      America is declining, our human capital has vanished and we can no longer be globally competitive; at least not on the path we currently lead. There is a solution, but it requires that those who cannot control their selfish behavior be heavily regulated in our financial sectors, if not removed entirely. The Volcker Rule presents an opportunity to remove the unequal treatment of the individual versus the financial institutions. The nation cannot perform at its greatest capacity if those in charge of leading it are not performing in the best interest of the country, but instead live to please a select view. Some of the biggest names, such as Jamie Dimon, will repeat that the rule is not needed, but it is. This is the simplest framework for dissolving many of the complex trading scenarios and financial vehicles which led us into this crisis. There is no reason that the markets should be so closely linked so if one fails they all do. Relative to much of our financial system this is a simple rule and we can all see the opposition from the banks is clearly strong. This is but a small step on a journey across the nation. It won't be easy, so I beg of you; read all you can on what is really happening to our country, find out what you can do to support a revision of our economic sector, and prepare yourselves for a revolution.

      REPORT THIS COMMENT:
    • Connie Ferenc LONGMONT, CO
      • almost 2 years ago

      Time and again, "self-regulation" has proved to be insufficient. For the long-term prosperity--even survival--of our country, it is crucial to protect the middle class through firm financial regulations.

      REPORT THIS COMMENT:
    • Caren Weaver ROCHESTER, NY
      • almost 2 years ago

      The greed of the banking industry has shown us that some regulations are good and necessary. Thank you for doing something to help protect the 99%.

      REPORT THIS COMMENT:
    • George Perez CAPE CANAVERAL, FL
      • almost 2 years ago

      I'am part of the 99 percent.

      REPORT THIS COMMENT:
    • jennifer colwell HARRISVILLE, RI
      • almost 2 years ago

      Fair and just rules that let the economy and it's citizens flourish by providing regulations that protect the American public from picking up the tab for the greedy, power-hungry risk taking cowboys.

      REPORT THIS COMMENT:

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