June 8, 2012
Stephen Brancaccio gave the following reason for signing this petition:
"I'm tired of corporations driving the economy to the brink of destruction in the name of inflated profits, salaries, bonuses and greed.
I'd like to see a return to reason, a revisiting of a time when there was a distinct seperation between investment and commercial banking, and not the porous membrane, making accessible the assets of the consumer for hyper leverage. "
1999 other people have also signed the following message:
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.