As clashes over consumer protection in Congress rage between the defenders and de-funders, financial regulators such as the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) are seeking comments from the public on how to implement the “Volcker Rule.”
The Volcker Rule, part of the Dodd-Frank Wall Street reform law, aims to ban banks that receive federal assistance from making risky, speculative bets – a practice called “proprietary trading.”
Big banks have raked in billions on these risky bets. In fact, speculation is so lucrative that some banks have made it their primary focus. This means that, instead of fueling the real economy like they’re supposed to, the big banks are siphoning money away from it.
The Volcker Rule would stop federal subsidies for banker gambling and help re-orient the banks toward building a sound economy.
Urge the SEC, FDIC, Office of the Comptroller of the Currency and the Board of the Federal Reserve to adopt a strong, simple Volcker Rule.
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