Rep. Spencer Bachus (R-Ala.), the Wall Street crony who leads the House committee in charge of banking policy, has launched a campaign to derail the Volcker Rule, one of the Dodd-Frank Wall Street reform law’s most significant protections designed to keep Wall Street’s recklessness from damaging the broader economy.
Bachus has said that he believes “Washington and the regulators are there to serve the banks,” and his new campaign shows it.
In a nutshell, the Volcker Rule’s goal is to stop federally backed banks from making risky, speculative bets — a practice called “proprietary trading.”
We’ve got the email address he’s using to solicit these suggestions, and we have one suggestion for an alternative to the Volcker Rule: Reinstate Glass-Steagall.
A reinstatement of the Glass-Steagall Act – which was repealed in 1999 – would go a step further by forbidding institutions from engaging in both activities. Big Banks that are doing both would be required to break up into separate companies, so there’s zero chance of taxpayer-backed deposits being placed at risk by the kinds of reckless, speculative activity that brought down the economy in 2008.
The email address Bachus’ office is using to receive these comments is email@example.com. The deadline for comments is September 7.
Let’s send comments urging Bachus to abandon is goal of weakening the Volcker Rule. Urge him to support reinstating Glass-Steagall – the strongest possible way to accomplish what the Volcker Rule aims to do, which is to ensure a bank’s taxpayer-backed activities and its risky, reckless speculation are as separate as possible.
And while you’re at it, make sure to explain in your comment to Bachus what “burdensome” means.
An economy ravaged wrecked by Wall Street greed is burdensome.
The massive numbers of home foreclosures, lost jobs and retirement savings losses are burdensome.
If you or anyone you know was hurt by the economic recession, make sure Bachus knows so he learns the true meaning of what’s “burdensome.”
A rule to protect taxpayers from once again footing the bill for the devastation caused by Wall Street’s greed?
That’s not burdensome.
That’s common sense.
Send your comment to firstname.lastname@example.org.
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