Subject: File No. S7-41-11
From: Michele Smith

February 10, 2012


I’m writing in support of a strong Volcker Rule. Weak as it is it is better than nothing.  The systemic fraud in the banking business from lawyers to rating agencies was more wides spread than I thought possible.  Fannie Mae was given concrete evidence of just how deep the fraud was back in 2005 and chose to ignore it so they could reap greater profits before their collapse.  Few have received more than a slap on the wrist for their crimes.  Yet a person who writes a few bad checks can end up in jail!  What's with that?  There must be ways of curtailing such atrocities.  They've ruined many many factories, businesses, and peoples lives while reaping huge profits and left the environment and our country in tatters.  These companies have all the money so of course they do not want any laws curtailing their "work".  The Volcker Rule is a minimal first step.

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.

Thank you for considering my comment,

michele smith

brooklyn, NY