A group called Occupy the SEC has released a 325-page response to the Volcker Rule, the section of Dodd-Frank that would ban proprietary trading by commercial banks. It’s the most focused Occupy-related attack yet on the current state of our financial system, though perhaps less media friendly than a tent city.
Federal agencies proposing new regulations like the Volcker rule are legally required to ask the public to comment, though it’s unusual for a third party that’s not a bank or its lawyers to do the commenting.
Occupy the SEC has been meeting bi-weekly since the fall to come up with their comments and holding a “Volcker Rule Book Club.” On its website, the group writes that “The Agencies involved in the Volcker rulemaking process have an historic opportunity to redress many of the economic wrongs of the past,” though to some, the Volcker rule is “basically a sideshow as far as the real causes of the 2007 financial panic or the subsequent Lesser Depression are concerned.”
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