February 10, 2012
I’m writing in support of a strong Volcker Rule. My family and I were affected by the economic collapse of 2008, and we don’t want it to happen again.
As you prepare the final rule, bear in mind the fundamental goal of the rule – to ban big banks from exposing consumers and taxpayers to risky proprietary trades.
Banks that break the rule should face swift, automatic penalties for violations. Violations of the Volcker Rule endanger the stability of our financial system. They should not be treated lightly.
Exemptions should only be allowed if they do not undermine this goal. If an exemption would result in exposing consumers and taxpayers to bank risk, it should be rejected.
The Glass-Steagle Act protected us from this very problem for about 70 years, until the big banks got it repealed bit by bit. It only took 10 years after the last of Glass-Steagle was repealed for them to gamble their way to the brink, and have the tax-payers bail them out. Those who don't pay attention to history are condemned to repeat it.
Thank you for considering my comment,
Ken Converse
Bridgton, ME