Tell the SEC: Enforce the Volcker Rule!
What is the “Volcker Rule”?
The VR is a part of the new banking reform laws that is intended
to prevent banks from making the kinds of speculative trades
(“proprietary trading”) that caused the current financial crisis.
Essentially, it says: no more big bets backed by your money.
If it’s already the law, why are you protesting?
In order to be effective, this regulation must be enforced well
by the Securities and Exchange Commission (SEC). The SEC,
FDIC, the Fed and the OCC will be writing a final version of the
regulation between now and July. They will be basing the final
version on input from letters submitted during a “public comment
period”. Usually, the only members of the public who bother to
comment are the banks that are going to be regulated.
This time is different. A group of financial and legal professionals
within Occupy Wall Street banded together under the name
“Occupy The SEC”. We’ve spent the last three months combing
through the Volcker Rule, line by line, and figuring out where the
loopholes are. This morning, we submitted our roughly 300 page
comment letter. Beginning today, we are educating the public
about the loopholes we’ve found, to raise awareness and make
sure the SEC and banking regulators do their job.
Thank you! How can I help?
Our blog has some articles about the rule and about the SEC
overall that you can use to inform your friends and family:
Our website will keep everyone updated on the SEC’s response:
Stay tuned! This is only the beginning.