Report banks on our sections of the letter.
Everyone did a report back on how their section of the letter was going.
Akshat is finished
Alexis has 10 questions left in covered funds, 10 questions left in safety and soundness and the repo questions
M said he’d finish up his questions in the next few days
Eric has made good progress on foreign funds
Elizabeth is done but still editing
Corley is done and can help with editing
Caitlin is mostly done and is working on summarizing doc
Debrief on House Subcommittee Hearing Letter and Slides
We discussed the letter and discussions that were had at the alt banking committee about the letter. It was emphasized that there was no 5pm deadline, we just asked if we could submit a letter for the subcommittee by 5pm on tuesday. Our letter is available here: http://www.scribd.com/webber3292/d/78595303-Occupy-Wall-Street-Volcker-Rule-Letter-to-House-Financial-Services-Committee
We stated that there are to be no Outside projects/blogs/content until the letter is finished.
The importance of “we support” language in our letter.
It’s really, really really important that we say “we support ____” as the SEC told Alexis they will be counting up the “we supports” in any serious letter.
Only after we make it clear we support existing restrictions should we say ”but we think it needs to be further strengthened by adding xyz …otherwise it will be gamed”
We cannot assume what exists in the rule now will make it to the final rule, as the banks will be arguing hard for things to be cut, and blanket exemptions to be made.
Calling the Agencies
It was asked that everyone please call the agencies with questions! We want them to get to know us so they will read our letter more carefully.
We decided that the NYU conference with Americans for Financial Reform is not a priority for us to attend as a group. It was mentioned that we must be careful of co-option. People may attend as individuals.
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