Occupy The SEC Keeps The Pressure On Banking Regulation

This Occupy The SEC Bulletin contains an update on what Occupy the SEC (www.occupythesec.org) has been up to since February 2013, and what you can do to get involved.Occupy The SEC

I. Recent Activites

1) Amicus Brief in the Troice Supreme Court cases

We recently submitted an amicus brief in the Supreme Court’s consolidated Troice cases. The cases are based on the massive Ponzi scheme perpetrated by Allen Stanford, and relate to the complicity of third parties like auditors and law firms in abetting that fraud.  In October 2013, the U.S. Supreme Court will hear oral arguments on these three cases, Chadbourne Chadbourne & Parke LLP v. Troice,Willis of Colorado Inc. v. Troice and Proskauer Rose LLP v. Troice. The cases center on the Securities Litigation Uniform Standards Act (SLUSA), which completely forbids any class action brought under state law if the complaint alleges fraud that is “in connection with” a federal securities transaction. OSEC has filed an amicus brief arguing that an overly broad definition of “in connection with” would severely hamper the ability of victims of financial fraud to find justice through the courts. Our blog postdescribes the case in further detail.

2) Letters to Congress opposing swaps deregulation

          Occupy the SEC has analyzed a slew of bills that would gut various components of Dodd Frank Title VII’s swaps oversight. In response we sent a letter to the House Financial Services Committee with our recommendations. In general, OSEC recommends that the House forebear from passing premature amendments or modifications to the Dodd-Frank as the law has yet to be fully implemented or enforced.  On July 10 we submitted letters to the Senate regarding bills aimed at rolling back derivatives regulation. One letter was sent to the Senate Banking Committee, and another was submitted to the Senate Agricultural Committee.

Check out our press release on the letter.

3) Taylor v. Bernanke – Lawsuit Filed Against Federal Reserve, SEC, CFTC, FDIC and OCC Officials

Occupy the SEC has filed a lawsuit in the Eastern District of New York against six federal agencies, over those agencies’ delay in promulgating a Final Rulemaking in connection with the “Volcker Rule.”  By law, the agencies should have issued a final regulation for the Volcker Rule almost two years ago.  Their delay in doing so has put the entire global economy at continued risk, given that a properly implemented Volcker Rule would greatly reduce risk-taking at banks.  The Great Recession of 2008 revealed the catastrophic consequences that can result from bank speculation.  The Government and OSEC have each filed motions for summary judgment, and the case is currently under review before a judge in the Eastern District of New York federal court.

Check out our press release and our cross-motion for summary judgment.

4) Weekly “the Good, the Bad, & the Ugly of financial regulation” series 

          We’ve recently launched a new series called “the Good, the Bad, the Ugly of financial regulation” on our blog. It aims to categorize the week’s regulatory news into those three categories.  We hope it can be a resource to those interested in regulation/banking who don’t necessarily follow the business news daily (and to organize it for those who do).

Check out our blog for the latest GBU entry.

5) Twitter and Facebook activity

OSEC is becoming more of a presence on social media (especially facebook and twitter).  On facebook our audience reach has increased by almost 150%, and we use that site to network with other Occupy groups and to post daily updates on stories relating to financial reform.

Follow us on Twitter and Facebook:

https://twitter.com/OccupyTheSEC

https://www.facebook.com/occupythesec?ref=hl

II. How You Can Get Involved in OSEC

a.     Tell like-minded friends to join our Mailing List

b.     Come to a meeting @ 60 Wall Street at 7:30pm every Tuesday.  Email us beforehand to coordinate the meetup.

c.      Follow us on Twitter and Facebook

d.      Forward our letters to your Senators and House Representatives so that financial reform can gain traction in Congress