Tell Regulators to Learn the Lessons of JP Morgan – Implement a Strong Volcker Rule
Please follow these instructions to submit your comment to The Federal Reserve:
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- In the subject line please copy and paste: Federal Reserve Comments: Docket No. R-1432 and RIN 7100 AD82
- Below is the sample text that you may copy and paste into the body of your email or edit to your preference. Please be sure to introduce yourself: I am Ann Smith, and here is how I and my family were affected by the financial crisis; here is my concern as I read the news of the JP Morgan losses
The losses revealed at JP Morgan Chase show our largest banks will continue to take the same kind of risks that led us to the financial crisis unless they are restrained by effective new rules. I urge you to implement a strong Volcker Rule to establish the kind of firewall that Congress mandated between market speculation and basic banking services. That’s the same principle that informed the Glass-Steagall rules that served our economy well from the 1930s to the 1990s. We need to make the same principles work today.
Please write a final rule that keeps the best elements of your proposed rule, but eliminates loopholes that would permit banks to evade the purpose of the law. A strong Volcker Rule should never permit the kind of massive speculative bets that JP Morgan took to be disguised as ‘hedging’.