March 8, 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.
It is immensely important that proprietary trading and other risky actions taken by banks are regulated appropriately to ensure that banks serve the maximum level of usefulness to their customers. Banking is a public service and as such should be designed explicitly to serve the public. Many people depend on these institutions to function reliably and this petition is derived from an exemplary engagement with the Agencies, calling upon the Agencies to adhere faithfully to the guidance of Congress and to act with goodwill on behalf of the people that have delegated their responsibility to ensure a reliable banking system exists.
schenectady, United States Minor Outlying Islands