Attendees: Akshat, Alexis, Andre, Caitlin, Charles, Elizabeth, George, Tabatha
Brief overview of the Tobin Tax by Charles
Proposed European Union tax on every financial transaction
Proposed 0.1% on stocks and .01% tax on financial derivs
been arguments in the US that this will never happen, but it has currently been endorsed by Sarkozy and Merkel
looks like it will happen in France and may also happen in Germany
matters where the bank is headquartered
approved by the european parliament
sweden did this in 1984. investors fled the exchange (which was small)
We have the potential to have a biweekly column
Potential posts: highlighting parts of our letter that didn’t get lots of media attention
Possible post on the Tobin Tax
Scheduled March 20th meetings with both the SEC and FDIC
Still trying to schedule meeting with the Fed and the OCC
We are trying to see if we can do an action with Occupy DC after we meet with the Agencies. Details TBD.
Alexis will add Occupy DC contacts to the spreadsheet Andre created
We’ll meet with the CFTC after we submit the letter (post April 16th)
Reviewing our letter for any typographical errors
Since we will re-submit some of our content in the CFTC letter, let’s create a new google doc for any typos etc we find in the letter.
Note page number, error
Alexis will make the google doc, send around
Presentation to Agencies
Does each Agency have a vote on each section of the rule? How are decisions made on the final rule?
We may just want to give the same presentation to each Agency and try and fit as much in it as possible.
40 minute standard presentation (7ish minutes each)
10 minutes industry criticism
10 mins specific to what we think is most relevant for each Agency
What to cover:
– liquidity argument
– argument that prop is moving to opaque areas like hedge funds…but prop already happens at hedge funds!
– trading account (repos, sec lending)
– market making
– covered funds: seed investment stage
– covered funds: “hedge” of compensation arrangements
– carried interest?
there was a debate between
1. attaching old letter with a smaller letter up front addressing commodities
2. one complete letter (with any changes embedded)
we decided on option 1.
are we going to address industry criticisms in the smaller letter? ideally yes.
can frame it like this: here has been some criticisms since our last letter, here is our response
Talking about the Argument that the Volcker Rule is Too Strict on International Banks
Would be great to find an academic that has done commentary on it
There have been claims that VR is in violation of NAFTA
Should reach out to academics, see what he thinks about foreign government securities
Potential New topics post-CFTC letter
– Credit Agency Reform
– CFPB (consumer finance protection bureau) proposals
Reaching out to Volcker
Still haven’t heard back
Should we reach out to Margot Adler on NPR?
Young Turks on Current TV?
We should think about what we want to send to our new email list!
Think about that for next week!