On Friday, September 7th, 2012, Occupy the SEC (“OSEC”) submitted a comment letter in response to Financial Services Committee Chairman Spencer Bachus’s August 7, 2012 invitation to investors, industry professionals and the public to offer their ideas and suggestions on how to formulate a less burdensome legislative alternative to the Volcker Rule.
A copy of the letter is available on the Occupy the SEC website: http://www.occupythesec.org/files/OSEC-Volcker-Alternative-Comment-Letter.pdf
Occupy the SEC continues to be concerned about the inordinate influence of the financial services lobby on legislative initiatives such as the proposed revision to the Volcker Rule under consideration here. The divergence between public support for the Volcker Rule and the opposition of many of the Committee members to the Rule is a particular point of concern. OSEC examines this disconnect further in the letter to the Committee and clarifies the need for a fortified version of the Volcker Rule. Further, the letter discusses the fallacious arguments commonly raised in opposition to the Volcker Rule by conflicted members of the Financial Services Committee.