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.
I’m appalled that the taxes of the one percent were used to bail out the high risk profiteers of Wall Street who are again rewarding themselves with million dollar bonuses while taxpayers carry the burden of their mistakes. Further, that Wall Street is provided tax loopholes by the government officials that are supposed to represent people, not corporations who take advantage of them. I have 30 years of experience in the investment industry.