By Occupy the SEC. Cross posted from their website
Contrary to critics, who seem to think that the only way for Occupy Wall Street to have an impact is by taking to the streets, the movement continues to focus on developing novel ways to reduce the power of a deeply entrenched, abusive financial services industry. One way is by serving as a people’s lobbyist to shine light on the way critical aspects of financial services regulation are negotiated, usually out of sight of the public.
Occupy the SEC’s participation in the Volcker Rule rulemaking comment process is a reminder that opportunities exist to fight industry lobbyists on their own turf by exercising rights available to all citizens. The Administrative Procedures Act requires that the regulators solicit public comment on proposed rules and enter those comments into the public record. It also requires the regulators to defend or refute the comments received in their final rulemaking. Press coverage of this publically available information should help to bring pro-regulatory pressure and support to a regulatory community used to hearing from only one side. When the rules are finalized we will have another opportunity to evaluate whose interests have been served by the regulators.
We would prefer that the regulators take a stronger stand against the financial services lobby on their own. Apparently we are not alone, or even in the minority.
Last week Reuters reported on a new opinion survey on corporate misconduct prepared by law firm Labaton Sucharow. Key findings from the report :
- 64% believe corporate misconduct was a driver of the crisis
- 81% want more government involvement in controlling misconduct
- 63% want more government