Comment Text:
To Whom It May Concern:
I am writing in support of a strong “Volcker Rule.” My husband and I were adversely affected by the economic collapse of 2008, and we most certainly do not want it to happen again. I have written to my two senators and my congressman repeatedly since the disasters of 2008 asking for effective financial reform legislation to prevent a repeat of 2008, but they have not been persuaded that these reforms are necessary. We need you to write a final rule that accomplishes the fundamental goals of the law: separating risky proprietary trading from the traditional business functions of banking institutions, banning proprietary trading at “too big to fail” banks, reducing the risk that financial market gambles present to the safety of our whole financial system, and stopping conflicts of interest like those that saw Wall Street firms selling their own customers deals they had designed to fail.
It is important not to let the rule be undermined by exemptions or exceptions. The Dodd Frank Act instructs you to make sure that the activities big banks are permitted to engage in do not create the risk of another financial crisis. Accomplishing this requires changes to current business practices on Wall Street. I urge you not to be swayed by financial industry interest in protecting a status quo that has benefited them and puts the rest of us at risk. Someone must protect ordinary citizens who cannot afford to lose their savings again because of irresponsible speculation based on the knowledge that they, the bankers, will be rescued by the government and us taxpayers again. The Volcker Rule is a necessary and appropriate regulation to protect our economy and our people, many of whom have not recovered from the financial disasters of 2008.
It is also important that banks that break the rules should face real penalties for violations. Violations of the “Volcker Rule” will endanger the stability of our financial system. They should not be treated lightly next time.
Thank you for your consideration of my views.
