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.
It's clear that banking institutions will exploit any weakness they can for profit and will spend exorbitantly to hi-jack and attack any perceived threat to current system. It's more important now than ever to push for responsible practices, with unbiased oversight, and hold those intentionally exploiting weak laws accountable. Cheers to those altruistic civilians that are working hard to keep the good intent of Volcker rule there and eliminate the loopholes.