March 5, 2012
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.
Banks should have given more money to small businesses, not other banks or corporations. We should follow Benjamin Franklin's system of banking he used in Pennsylvania. I am tired of banks gambling with the people's money that they received from the government. I am tired of the Federal Reserve convincing Congress to make decisions that benefit banks and Ben Bernanke. I am tired of banking being a viable industry for profit. Banks are supposed to give all of their dividends to local business owners through subsidies to promote competition. Banks are not supposed to profit, only pay their costs. Banks have driven the competition of industries into drought because they tried to make banking the most lucrative industry and the industries they support. The banks need to promote LOCAL businesses and farms( NOT monopolistic corporations).