'Occupy The SEC' Scrutinizes The Volcker Rule For Loopholes

[Celebration]

http://www.huffingtonpost.com/2011/11/19/occupy-sec-volcker-rule_n_1102842.html?ref=mostpopular

NEW YORK -- A handful of protesters at Occupy Wall Street are doing what the authors of a complex piece of financial legislation may have hoped no one would do. They are reading it.

The legislation is a draft of the so-called Volcker rule, a 298-page regulatory document that came out of last year's Dodd-Frank financial reform act. As originally proposed by Paul Volcker, then chairman of the President's Economic Recovery Advisory Board, the rule was aimed in part at preventing federally backed banks from making risky trades that could ultimately cost taxpayers. But in its current form, the Volcker rule is long, dense and -- critics fear -- full of language that affords banks a lot of wiggle room.

"It's a daunting document to look at," said Alexis Goldstein, a former financial sector employee who joined the Occupy protests a few weeks ago.

Yet Goldstein, 30, and a small party of fellow Occupiers are doing just that. The group, known as Occupy the SEC, has been reading through the Volcker rule line by line, flagging passages that seem to enable banks to skirt around regulatory intentions.

[Arctic Dave]

1. K&R

[PoliticAverse]

2. "The Volcker rule is too long and complicated and financial lobbyists are to blame"

http://www.huffingtonpost.com/2011/11/09/paul-volcker-volcker-rule-more-complicated-than-i-would-like_n_1083649.html

[PoliticAverse]

3. They can probably just invent a new derivative that skirts the law...

wouldn't be the first time that happened.

[benld74]

4. WHATEVER comes from this,,, is going to be GOOD!