13 December 2013

Occupy the SEC & Administrative Politics

I have noted here numerous times the work of Occupy the SEC, a spin-off of OWS that has been intervening in the regulatory hearing process in hopes of deflating initiatives from the finance sector regarding banking regulation. This week a thousand page document aimed at interpreting and implementing the so-called Volker Rule - which basically prevents banks from speculating with depositor's money for their own (the banks') economic advantage - was adopted by a handful of Federal regulatory agencies. For reports and commentary see [1] [2] [3] [4] from The Economist and The New York Times. Reports at WaPo and WSJ both note that the Occupy analysts have had significant impact on this document. For all sorts of reasons - not the least the intervention of regular citizens as 'experts' in a forbidding governance system - this is impressive news!
Update: Here, from The Nation is a quick assessment of the new regulation written by Alexis Goldstein who participates in Occupy the SEC.

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