Recent Items

4:00 TODAY: Occupy the SEC March to the Fed and the SEC: Enforce the Volcker Rule!

Posted on by

UPDATE 10:30PM Alexis writes in:

If others want to comment, there is still time, the deadline is midnight. Occupy the Comments!

rule-comments@sec.gov
regs.comments@federalreserve.gov
regs.comments@occ.treas
Comments@fdic.gov

Here’s the rule itself: https://www.federalregister.gov/articles/2011/11/07/2011-27184/prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-in-and-relationships-with

Details here.

Schedule:
4-430pm: Assemble at Liberty Plaza
5pm: March to the Fed (33 Liberty Street )
5:30pm: March to the SEC’s NY Office (3 World Financial Center, Suite 400)

February 13th marks the deadline for Public Comment on the draft version of the Volcker Rule. The Volcker Rule is a new regulation that aims to curb risky behavior at banks that have enjoyed bailouts and cheap funding from the Fed. It does so by prohibiting big banks from doing two things:

1. Proprietary Trading
2. Owning Hedge Funds or Private Equity Funds

Between now and the summer, the SEC, The Fed, the FDIC and the OCC will be deciding on what the final rule will look like. The banking lobby would love for the rule to be watered down. We want to march on the Fed and the SEC to let them know that we are watching, and we are asking them not to bow to the banks, but to draft a strict, loophole-free version of the Volcker Rule.

Monday, February 13th is the deadline for the public to submit comment on the draft of the Volcker Rule. To learn more about how to comment, visit Occupy the SEC.

Print Friendly, PDF & Email

This entry was posted in Guest Post on by .

About Lambert Strether

Readers, I have had a correspondent characterize my views as realistic cynical. Let me briefly explain them. I believe in universal programs that provide concrete material benefits, especially to the working class. Medicare for All is the prime example, but tuition-free college and a Post Office Bank also fall under this heading. So do a Jobs Guarantee and a Debt Jubilee. Clearly, neither liberal Democrats nor conservative Republicans can deliver on such programs, because the two are different flavors of neoliberalism (“Because markets”). I don’t much care about the “ism” that delivers the benefits, although whichever one does have to put common humanity first, as opposed to markets. Could be a second FDR saving capitalism, democratic socialism leashing and collaring it, or communism razing it. I don’t much care, as long as the benefits are delivered. To me, the key issue — and this is why Medicare for All is always first with me — is the tens of thousands of excess “deaths from despair,” as described by the Case-Deaton study, and other recent studies. That enormous body count makes Medicare for All, at the very least, a moral and strategic imperative. And that level of suffering and organic damage makes the concerns of identity politics — even the worthy fight to help the refugees Bush, Obama, and Clinton’s wars created — bright shiny objects by comparison. Hence my frustration with the news flow — currently in my view the swirling intersection of two, separate Shock Doctrine campaigns, one by the Administration, and the other by out-of-power liberals and their allies in the State and in the press — a news flow that constantly forces me to focus on matters that I regard as of secondary importance to the excess deaths. What kind of political economy is it that halts or even reverses the increases in life expectancy that civilized societies have achieved? I am also very hopeful that the continuing destruction of both party establishments will open the space for voices supporting programs similar to those I have listed; let’s call such voices “the left.” Volatility creates opportunity, especially if the Democrat establishment, which puts markets first and opposes all such programs, isn’t allowed to get back into the saddle. Eyes on the prize! I love the tactical level, and secretly love even the horse race, since I’ve been blogging about it daily for fourteen years, but everything I write has this perspective at the back of it.

Subscribe to Post Comments
17 comments

  1. Tom Crowl

    Wish I could be there! (Long ways from West Coast!)

    If only there were a way that in addition to the ‘physical’ crowd… some sort of ‘virtual’ crowd for those far away could also have an impact…

    Hmmmmmm… I won’t say it… it’s too obvious…

    (Psssst… okay I will. The political micro-contribution is a fundamental necessity for scaling speech)

  2. Woodrow Wilson

    “Public Comment on the draft version of the Volcker Rule” –

    How’s that working out with our government?

    I’m sure more peaceful protests will get them to change their ways!

    1. Piano Racer

      Eventually they will figure out that the SEC, the Fed, et. al. DO NOT GIVE A SHIT ABOUT THEIR OPINION AND NEVER WILL. It’s like petitioning the King of England for independence. Not gonna happen. Time to water that tree of liberty, folks.

  3. Jill

    I wondered what you were posting on today. I couldn’t get through until several attempts and then it took a long time!

  4. WeWereWallStreetdotcom

    Jam. It. Down. Their. Throats.

    We used to have a “break the glass” scenario in the late ’80s, and it involved Volcker and a heart attack. Thankfully that never came to pass.

    We’re glad he’s back and we like our seniors guiding us along.

    We love banking but don’t love bankers. They brought regulation on themselves and they’ve been shameless about talking this down. Make it happen.

  5. Bev

    Also:

    http://www.monetary.org/demonstrations

    Email this Webpage to all of your Contacts and Print the Following:

    (1) A half page Flyer announcing the HR 2990
    which should be handed to everyone at a demonstration.

    (2) A full page flyer describing HR 2990,
    a hard-hitting piece that should be handed to the same people at a demonstration.

    (3) The Need for Monetary Reform,
    a one page (double-sided) sheet for those who want to know more. It’s exactly 800 words and you can reprint it easily, even get it into newspapers.

    (4) A fact sheet on HR 2990
    describing what the bill does to stabilize America’s financial situation, including the creation of 7 million of jobs.

    (5) Our 32 page booklet,
    which includes some history, our answers to the 20 most frequently asked questions, the American Monetary Act, and much more. Copy and photocopy the one attached, or get preprinted ones from us at 10 copies for $30.

    (6) HR 2990

    (7) Follow The Dick Distelhorst Plan to Advocate for Monetary Reform!

    ………..

    Dear Friends of the American Monetary Institute,

    We now face a major opportunity its important to respond to. Across the country thousands of Americans, young and old, are demonstrating around the Federal Reserve Banks of Chicago, and Boston; Wall Street in NY and ever more places, linked to below.

    snip

    What do the Occupiers want? Mainly Economic Justice!

    To get economic justice, you must have monetary justice and the AMI has been working at gaining monetary justice since 1996. We have made progress. Our research results, The Lost Science of Money by Stephen Zarlenga demonstrate that decades of research and centuries of experience shows that three things are absolutely needed:

    The present form of the Federal Reserve System must be ended – it must become a part of our government – what people mistakenly think it is now! In the Treasury Department is best.
    The accounting privilege that banks now have to create what we use for money out of debt, must stop once and for all. What’s called fractional reserve banking must be decisively ended.
    The Congress must understand and be empowered to create new money and spend it into circulation as money, not debt. For example the $2.2 trillion dollars the Engineers tell us is needed for infrastructure over the next 5 years. As the system progresses, health care and education, and grants to the states are made.

    Now some good news: Congressman Dennis Kucinich (D Ohio. 10th Dist) on September 21st, introduced HR2990 which does those very things!!!! Congressman Conyers of Detroit co-sponsored it.

    We need to see that people realize there is a bill which achieves these goals, already in the Congress. That they can help by asking their representatives and Senators to support it. Also their school Boards, State reps and Senators, City Councils, newspaper editors, etc, etc, etc.

    We have materials which can help them do all that, available for the asking, but first they have to become aware of HR 2990, and there are five attachments, at the top of the page, which will help you make it clear to them.

    I’m suggesting you print these out, photocopy several hundred of them and head to the nearest demonstration! Stay at least a few hours. Let me know what happens. To find the nearest demonstration to your location, Google: “Occupy(insert your city here)” and check it out.

    Warm regards to you and good luck! Remember this is a non-partisan activity!

    Stephen Zarlenga
    AMI
    “We Are the Many” – Makana

    ……

    http://www.monetary.org/distelhorst

    …

    http://www.monetary.org/how-the-economists-facilitated-the-crisis-and-how-hr-6550-solves-it/2011/06

    How the Economists Facilitated the Crisis and How HR 6550* Solves it

    (now HR 2990)
    in The State’s Crisis, by AMI

    ……..

    http://moneyaswealth.blogspot.com/2011/07/why-are-we-short-of-money-why.html

    Why Are We Short Of Money? Why?

    The World Economy Trembles Because Every Nation Is Short Of Money.

    Yet.

    Money Is The Easiest Thing In The World To Create.

    It Is Done On a Computer.
    Type It In. Press enter.

    That Is, In Fact, How They Do It Now.

    But, They Only Do It As A Loan.

    Why?

    Because You Let Them.

    That’s Stupid.

    Don’t Be Stupid.

    You Can’t Borrow Youself Out Of Debt.

    Ever.

    In The United States, You Do Not Have To Settle For
    Banker Created Debt.

    snip

    Think about it:

    If the banks are the only ones who create money,
    and you have to give it back to them (loan payments) – two things happen.

    1st. You have to give it back!! You never get to keep it in exchange for goods/services. In the aggregate (combined picture) you do the work, but can’t keep the money.
    Right!

    Theft!

    2nd. If the banks are the only ones allowed to create money, and then only as a loan, in the aggregate, you have to borrow to pay interest!

    IMPOSSIBLE to get out of debt.

    Nothing should be more clear,
    especially with all this talk of raising the debt ceiling.

    Why would a sovereign government with the
    Constitutional authority to create money, borrow a dime?

    WHY WOULD IT NEED TO BORROW ANYTHING!?!?!?!?

    In the U.S., Congress has the power to coin or create money and regulate its value.

    ARTICLE 1, SECTION 8
    U.S. Constitution

    The Congress shall have Power …

    To coin Money, regulate the Value thereof…

    So Do It!!

    DEBT FREE

    ……

    1. MontanaMaven

      Hooray for you! I love Stephen Zarlenga. His “Lost Science of Money” is a treat. Educate Occupy on HR 2990. “You can’t borrow your way out of debt”. The American people shouldn’t have to borrow any money from any bank whether there are good rules or not.

  6. aletheia33

    it was easier to comment than i expected. one more drop in the bucket. if they don’t listen to us, at least they’ll know we’re watching them.

    thanks to all of occupy the SEC for your leadership.

    1. LD

      Good question.

      Also, it says the Volcker will do two things (above.) But a year ago, YS said those two things wouldn’t address the systemic malfeasance/problems to avoid another banking crisis (the link is under the Volcker highlight.) Why the support now?

  8. bhikshuni

    “Between now and the summer, the SEC, The Fed, the FDIC and the OCC will be deciding on what the final rule will look like. ”

    With the foxes in charge of the hen house, they will only move in the direction of thrown fresh meat.

    Occupy marches and assemblies are necessary but insufficient to the need. I see neither meat (carrots for foxes) nor sticks.

  9. American Slave

    What needs to be done is corporations should have to pay dividends to there share holders by law at a rate of maybe 30%
    unless there is a good reason that they can prove they cant pay. As Obama one said (and believe me im no fan of him). “We need to become a society of savers and investors” lets face it consumerism isnt working so well as are “jobs” but Warren Buffet is making a decent living.

    1. different clue

      Savers and investors? He means save OUR money in places where the OverClass can steal it and invest it aGAINST our survival.

      If I save a thousand dollars and then invest it into garden tools, soil conditioning and upgrading, and ect. to enhance my own market-free food production, that makes me a saver and an investor right there. Just not the way Obama means.

  10. ECON

    Not aware of the legislation/regulation to be enacted in any detail on the Volcker Rule, the Governor of Bank of Canada and federal finance minister are lobbying not in favour of implementation. There are several Canadian charter banks operating in USA which may be impacted in some manner. I wonder if their are other entreaties by other foreign banks in same issue.

Comments are closed.