Occupy the SEC, a working group of Occupy Wall Street that includes former financial industry professionals, lawyers and concerned citizens, had been up until 5am the night before, editing and formatting a letter they had prepared as a public comment to the SEC. For months, OSEC met twice weekly to review the 298-page proposed Volcker Rule, conducting a diligent, line-by-line analysis of the document. Proposed as part of the Dodd-Frank Act, the Volcker Rule essentially aims to ban proprietary trading and ownership of hedge funds by banks. Between now and July, the regulating bodies involved—the SEC, the FDIC, the OCC, the CFTC and the Fed—are required to read public comment letters and issue final details on the Volcker Rule. More in The Nation here.
