Posted 3 months ago on Nov. 16, 2013, 4:21 p.m. EST by shooz
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THE POWER OF PUBLIC COMMENTS
"In March, Occupy the SEC met with the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Federal Reserve to present its 325-page public comment letter recommending that the Volcker Rule—a new regulation to limit Wall Street's most outrageous and dangerous behavior—be strengthened rather than gutted. Here's an insider scoop from the NYC-based working group on how a collection of students, finance insiders and activists went up against the big banks' lobbyists and became advocates for the 99%.
We know this much: the game of lawmaking is rigged. Moneyed interests lobby Congress and finance legislators’ campaigns, ensuring that Congress will pass laws that benefit them. But as much as the lawmaking process itself is unfair, there is another equally unfair part that receives far less attention: the rulemaking process.
Congress passes statutes, which serve as the framework for new regulations. It is then the job of regulatory agencies like the SEC, EPA and FCC to actually write those regulations. This is known as the “rulemaking process.” And thanks to a law from 1946 called the Administrative Procedure Act, regulators are required to request comments from us—the public—on new regulations.
So far so good. The problem is that it's not just individuals who can weigh in during the comment process. Regulators also accept comments from the very industries that their rules are meant to regulate. Worse still, those industries, their trade groups and their lawyers often make up the majority of the comment letters received on newly-proposed regulations. Occupy the SEC wanted to draw attention to this flawed process and to offer a different voice."
In case you missed it. There's also a petition..........:)