June 10, 2012
Gerard Allen Hinson gave the following reason for signing this petition:
"Prudent investment is part of accepted social behavior by banks and businesses, and helps to sustain the elememtsof society inthe long run. Conscience-less wildcat gambling is both immoral, contemptuous of depositors, and dangerous to civic health. Thanks to uncontrolled behavior in Bush the 2nd's regime, the banking class caused possibly permanent shrinkage in our economy. Learn from that!"
2011 other people have also signed the following message:
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.