February 10, 2012
I write in support of a strong Volcker Rule. It is a first necessary step back from the brink of systemic collapse of the US financial market. We really need the Glass-Steagall Act to be safer from systemic risk, but the Volcker rule this is a minimum measure on the way to regaining some control over financial speculation.
Americans don’t want the economic collapse of 2008 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.
Thank you for considering my comment,
Fran Fortino
Haydenville, MA