February 9, 2012
I support a strong Volcker Rule. My family and I were greviously 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.
Finally, it would help immensely if the government would explain just why we cannot simply reinstate Glass-Steagall; it worked for over 70 years, it is fantastically simple and not one explanation has been forthcoming as to why it is not being put back in effect. Is that too much to ask?
Thank you for considering my comment,
Barry Rein
New York, NY