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OccupytheSEC: Enforce the Volcker Rule! Separate investment banks from retail banks.

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Published on Feb 16, 2012

New York, February 13th 2012--At a pre-march rally in Liberty Plaza, members of Occupy the SEC explain why it's necessary to enforce the Volcker Rule to separate investment banks from retail banks. This morning Occupy SEC delivered a 325-page document with suggestions for closing the loopholes which enable banks to evade the provisions of the Volcker Rule. The march made a loop around the Federal Reserve Bldg which takes up a whole block on Maiden Lane, stopping for a mic check and speak out before heading west to the SEC building. For an update on the SEC's response to Occupy's comments, see http://www.occupythesec.org, For a review of the 325-page Volcker comment letter, see http://blogs.reuters.com/felix-salmon... Background note courtesy the BBC: Glass-Steagall
A US law dating from the 1930s Great Depression that separated ordinary commercial banking from investment banking. Like the UK's planned ring-fence, the law was intended to protect banks which lend to consumers and businesses - deemed vital to the US economy - from the risky speculation of investment banks. The law was repealed in 1999, largely to enable the creation of the banking giant Citigroup - a move that many commentators say was a contributing factor to the 2008 financial crisis. Filmed by Liza Béar.

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