February 10, 2012
I’m writing in support of a STRONG Volcker Rule. My family and lots of other AMERICANS were affected by the economic collapse, and we don’t want it to happen again!! The Banks are not casinos!! Big Banks have raked in billions on risky bets. In fact, the speculation is so lucrative that they have made it their primary focus. This means that, instead of fueling the real economy like they’re supposed to do, these banks are siphoning money away from it. But when they lose big, taxpayers cover the losses. AND AMERICANS ARE SICK AND TIRED OF COVERING THE LOSSES!!!
The Volcker Rule’s goal is to stop banks that receive federal backing from making risky, speculative bets.” Ban Big Banks from risking taxpayer money on high stakes gambles and keep them from crashing the economy yet again!! Stop federal subsidies for banker gambling and help reorient the banks toward building a sound economy.
I know that Wall Street lobbyists have met with the regulators more than 350 times in an attempt to fill this new rule with loopholes. Their priority is protecting this risky source of bloated, bonus-producing profits.
The regulators need to SHOW THAT THEY care about the stability of our financial system, not rigging the system for Wall Street. Regulators-- adopt a strong, simple Volcker Rule and 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. Make sure they are not be treated lightly. If an exemption would result in exposing consumers and taxpayers to bank risk, it should be rejected.
Thank you for considering my comment,