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ProSense

(116,464 posts)
Mon Apr 30, 2012, 07:53 AM Apr 2012

Occupy the regulatory system!

Occupy the regulatory system!

Posted by Suzy Khimm

NEW YORK — Occupy Wall Street has moved. Its new address: 60 Wall Street.

<...>

Kline, a former Wall Street trader-turned-Occupier, is a member of Occupy the SEC, an offshoot of the large movement that has burrowed deep into the regulatory process. At this moment, she’s trying to figure out if the drafting of the Volcker Rule — a provision of President Obama’s Wall Street overhaul that would restrict commercial banks from making speculative investments that do not benefit their customers — is tight enough to keep banks in check.

After much discussion, the group agreed that the Volcker Rule’s earlier definition of clearing agencies, which banks use for exchanging futures contracts, was “clear and tough and good,” but decided that it was worth double-checking section 17(a) of questions that the Commodity Futures Trading Commission raised about it.

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While the Dodd-Frank act of 2010 provides a blueprint for the new regulations on Wall Street, it’s up to federal regulators to determine precisely how these guidelines will be put into effect. The regulatory process is intended to provide transparency into this process: Regulators will typically issue a preliminary version of a new rule and then allow for outside feedback during a public comment period.

Anyone is allowed to weigh in. But industry groups, lawyers and lobbyists issue an overwhelming number of formal comment letters to regulators, as they tend to have the most money, resources and technical expertise...Occupy the SEC aims to be a counterweight to this deep-pocketed lobbying push. Over the past six months, the Occupiers have slogged through the 300-plus pages of the Volcker Rule to figure out how the regulation would work in practice and whether it would — or could — come anywhere close to what its authors had intended.

- more -

http://www.washingtonpost.com/blogs/ezra-klein/post/occupy-the-regulatory-system/2012/04/27/gIQAjo21lT_blog.html

Excellent!
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Occupy the regulatory system! (Original Post) ProSense Apr 2012 OP
Kick! ProSense Apr 2012 #1
Thanks for the link from the other post. Guess these need to be XP to OU, but GD helps! freshwest May 2012 #5
Another. n/t ProSense Apr 2012 #2
They examined 300+ pages of legalese? randome May 2012 #3
K & R! lonestarnot May 2012 #4
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