"Occupy Wall Street’s brain trust, Occupy the SEC, just filed a Federal lawsuit that encapsulates the crony capitalist state that passes today for democracy.
The organization is suing every Federal regulator that resides in the pocket of Wall Street – which means they are suing every Federal regulator of Wall Street. And, spunky group that they are, they’re naming individuals too. Here’s the rundown: Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve System, Martin Gruenberg, Chairman of the FDIC, Elisse Walter, Chair of the SEC, Gary Gensler, Chair of the Commodity Futures Trading Commission, Thomas Curry, Comptroller of the Office of the Comptroller of the Currency, Mary Miller, Under Secretary for Domestic Finance at the Treasury, Neal Wolin, Acting Secretary of the Treasury.
Occupy the SEC is serving a valiant public service in bringing this lawsuit. It explains to the court that one of the most critical components of the 2010 Dodd-Frank Act that was supposed to reform Wall Street has yet to be enacted by the regulators and this is in violation of law. The key component is the Volcker Rule, named after former Fed Chairman Paul Volcker, that would prohibit most forms of trading for the house on Wall Street, known officially as proprietary trading.
The lawsuit informs the court that Dodd-Frank required that regulators adopt rules relating to this section “within nine months after the completion of a study by FSOC [Financial Stabilization Oversight Council] relating to the Volcker Rule. The FSOC completed that study in January 2011.” The complaint proceeds to explain that the legislative language ‘is unequivocal in setting this mandatory deadline, which the Defendants and the agencies under their control have missed.’”