March 8, 2012
Greetings,
Section 619 of the Dodd-Frank Act ("Volcker Rule") gave you specific guidance to write a rule that places strict limits on proprietary trading and ownership of hedge funds/private equity funds by banks. Unfortunately, your proposed implementation of the Volcker Rule creates a number of loopholes that can be exploited by banks.
We ask that you close down those loopholes and be faithful to the elected leaders of this Nation and the guidance they gave you in the form of Dodd-Frank Section 619. Further, between now and July 21st, 2012, the banking industry will send its loyal army of lawyers to lobby you to try to dilute your current draft of the Volcker Rule.
I join Occupy the SEC in requesting that you faithfully and strongly implement Congress's intent when you draft the final version of the Volcker Rule.
Please stand up to the banking lobby and protect the people, and not the banks.
Sincerely,
if we don't do something about this, we sure as heck can bet that wall street will continue to pump funds into their lobbying efforts and get away with this again, soon. we must make an example of wall street so that this never happens again. main street must know that they can be a part in ensuring wall street doesn't get away with such criminal acts. speaking of criminal acts, i am tired of hearing that this action or that action which has caused the demise of our global economy was "legal." this excuse is disgusting in my opinion and the only reason why it was legal was wall street paid DC to look the other way.
Lucy Subhasiriwatana
New york, New York