March 10, 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 simply common sense to demand that banks holding ordinary people's money not be allowed to engage in high stakes investments (casino gambling). I was against the repeal of the Glass Steagal Act during the Clinton Administration and my fears at the time have been proven all too true. This cowboy chicanery KEEPS the world's economic system on the brink of disaster while the only people being made whole are the very people who caused the crisis in the first place. If we are not going to jail them, the least we can do is regulate their activities, now and forever, in the interests of We the People.
Brooklyn, New York