- The Federal Reserve
Protect the People, Not the Banks: Enforce a Strong Volcker Rule!
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:
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.
- The Federal Reserve
Section 619 of the Dodd-Frank Act (“Volcker Rule”) gave you specific guidance to write a rule that places strict limits on proprietary trading and ownership of hedge funds/private equity funds by banks. Unfortunately, your proposed implementation of the Volcker Rule creates a number of loopholes that can be exploited by banks.
We ask that you close down those loopholes and be faithful to the elected leaders of this Nation and the guidance they gave you in the form of Dodd-Frank Section 619. Further, between now and July 21st, 2012, the banking industry will send its loyal army of lawyers to lobby you to try to dilute your current draft of the Volcker Rule.
I join Occupy the SEC in requesting that you faithfully and strongly implement Congress’s intent when you draft the final version of the Volcker Rule.
Please stand up to the banking lobby and protect the people and not the banks.
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