March 5, 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.
I am one of the millions who actively participate the banking/investment world - either through routine banking transactions, financing loans or investing in financial markets - who have trusted those we thought were working our best fiduciary interests (his applies equally to the banking/investment managers and the regulatory bodies charged to prevent the very abuses which have occurred over the past few years...).
As we now know that mixing lax regulatory oversight with clever money managers who are determined to be unregulated can lead to financial ruin for those who can least afford it, I stand with Occupy the SEC in their extraordinary efforts to create a legitimate legislative counterbalance to the unrestrained Wall Street abuses of the investment and tax monies of the rest of us.