February 9, 2012
I’m writing in support of a strong Volcker Rule. My family and I were affected by the economic collapse of 2008, as were many others, and we don’t want it to happen again.
As you prepare the final rule, bear in mind the fundamental goal of the rule – to ban big banks from exposing consumers and taxpayers to risky proprietary trades.
Banks that break the rule should face swift, automatic penalties for violations. Violations of the Volcker Rule endanger the stability of our financial system. They should not be treated lightly.
Exemptions should only be allowed if they do not undermine this goal. If an exemption would result in exposing consumers and taxpayers to bank risk, it should be rejected.
As a longer term goal, you should considering requiring separation of the investment side of the banks from their traditional consumer business.
Thank you for considering my comment,
Kenneth Rose
Annapolis, MD