Subject: File No. S7-41-11
From: Richard Leining

February 10, 2012


I’m writing to support a strong, simple Volcker Rule. My family lost value by the economic collapse of 2008, and we can't afford another.  (Even our Fidelity Puritan mutual fund caught speculative fever: it held pages of banks' or brokers' mortgage-related securities, CDO's, and even a derivative.) The banks should learn the lessons we have.

As you prepare the final rule, remember the goal – to ban big banks from exposing retail depositors and taxpayers to proprietary trades.  (I'd also like to see punitive taxation of proprietary trades of Federally-insured banks.)

Because violations of the Volcker Rule endanger our financial system, violators should face swift, automatic penalties like seizure, discharge of board & executives, and new management protecting retail depositors and taxpayers.

Exemptions should be resisted. If an exemption would expose retail depositors and taxpayers to speculative risk, it should be rejected.  A bank shouldn't transfer speculative losses to retail depositors' accounts nor to subsidiaries or collaborators off the banks' balance sheets.

Thank you for considering my comment,

Richard Leining

Salt Lake City, UT