March 7, 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.
The Volcker rule isn't strong enough, but at least it's a step to correct bank abuses. I'd like to return to Glass Steagall, and I hope this would do it. I don't see any hope of returning to limits on branch banking, but it would be a good thing. We bailed these suckers out, they got bonuses for nearly wrecking the economy, and we didn;t even deal with Too Big To Fail. So they are at it again.
South Amboy, New Jersey