March 3, 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.
As an American citizen working in Germany (a country where mainstream news media are active, independent, and excellent), I have no trouble keeping track of what's happening at home -- alarming in many ways, and dangerous as we've seen to the welfare of people here in Europe too -- but my opportunities to get involved are quite limited. I am signing this petition because I strongly agree, and because I believe Occupy the SEC has found, within existing law, a handle that can give citizens some leverage against the influence of the .01 percent, at least as represented by the reckless, non-productive (or counter-productive) financial "industry."
I want my government to protect the people, not gambling halls masquerading as banks. LET THEM SUCCEED OR FAIL AT THEIR OWN RISK -- THEY SHOULD NOT BE UNDERWRITTEN BY REGULAR BANK CUSTOMERS OR THE TAXPAYERS.