Just two years after the Wall Street banks were bailed out and just three months after we passed a tough new law to rein them in, the Wall Street bankers want weak regulations so they can keep making risky bets with your money.
Because of the upcoming election, the banks apparently thought nobody would notice that they redeployed their horde of lobbyists to try to weaken the new rules as they’re being written.
They were wrong. We noticed. And we need your help to fight back.
Regulators with the Financial Stability Oversight Counsil are accepting public comments on the new law’s important “Volcker rule.” The rule is named for Paul Volcker, former chairman of the Federal Reserve and a vocal White House official who called on Congress to stop banks from making risky bets for their own profit while relying on taxpayer bailouts if the bets go bad.
Here’s how you can help:
2. Next, cut and paste the SAMPLE COMMENT at the end of this post into the comment box. Fill out all the required information (First Name, Last Name, and Organization Name).
3. In the required field that asks for your “Organization Name” write “PUBLIC CITIZEN MEMBER.”
4. Click “Submit.”
The banks have already submitted their regulatory comments. Now it’s our turn!