Occupy the SEC works to ensure that financial regulators act in the public interest, not for Wall Street and its lobbyists. We are a group of concerned citizens, activists, and financial professionals with decades of collective experience working at many of the largest financial firms in the industry. If you live in NYC and would like to join us, or would like to help remotely, feel free to contact us.

Latest Actions

Comment Letter to Federal Reserve Regarding Commodities Regulations for Banks

March 29, 2014We submitted a comment letter to the Federal Reserve regarding its request for comments on the current state of commodities regulation vis-a-vis banks and Systemtically Important Financial Institutions ("SIFIs"). As noted in our letter, banks must divest from commodities activities because the current status quo features a plethora of risks including:

  • system-wide proliferation of discrete environmental risks
  • market domination and antitrust risks
  • systemic magnification of commercial tail risks
The letter and the accompanying press release can be found below:

Comment Letter to FDIC Regarding the Resolutions of Too Big to Fail Institutions Under Title II of Dodd Frank

March 18, 2014We submitted a comment letter to the FDIC regarding its proposed rule implementing Title II of the Dodd Frank Act, which covers the orderly resolution of Systemtically Important Financial Institutions ("SIFIs") without putting any burden on taxpayers. OSEC has recommended that the FDIC impose stringent conditions on troubled SIFIs under resolution.

Comment Letter to Financial Regulators Regarding the Treatment of TruPS CDOs in the Volcker Rule

February 12, 2014We submitted a comment letter to the financial regulators regarding their recent concessions made to the industry on how to treat TruPS CDOs in the Final Volcker Rule

Letters to Congress Regarding the "Fairness for Community Job Creators Act"

January 21, 2014We submitted letters to both the House and Senate regarding companion bills that would carve out an exemption in the Volcker Rule for TruPS CDOs.

Final Volcker Rule

December 10, 2013The regulators charged with writing the Volcker Rule have issued a finalized rule. See our press release for our rapid reaction to the rule.

UPDATE (December 20): We have started examining the final language. In our comment letter, we recommended that the Agencies adopt 30 specific language changes in order to strengthen the rule. See here for an analysis of each of OSEC's specific recommendations compared to the language found within the Final Rule.

Money Market Reform

September 16, 2013Following up on our earlier letter to the FSOC, we submitted a Comment Letter to the SEC in response to its proposed regulations covering the money market fund industry. The SEC proposal follows some of the recommendations we submitted earlier to FSOC, but misses several important reforms.

February 15, 2013We submitted a Comment Letter regarding the joint agency efforts to reform the money markets. The Financial Stability Oversight Council (FSOC) proposed three solutions which we weighed in on.

Lawsuit Filed Against Federal Regulators

September 9, 2013Occupy the SEC filed a lawsuit in the Eastern District of New York against six federal agencies (Federal Reserve, Department of Treasury, SEC, CFTC, OCC and FDIC), over those agencies' delay in promulgating a Final Rulemaking in connection with the "Volcker Rule."

Amicus Brief Submitted Before U.S. Supreme Court in Consolidated Troice Cases

July 28, 2013In October 2013, the U.S. Supreme Court will hear oral arguments on three consolidated cases, Chadbourne Chadbourne & Parke LLP v. Troice,Willis of Colorado Inc. v. Troice and Proskauer Rose LLP v. Troice. The cases relate to 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.

Opposition to Deregulation

May 1, 2013Occupy the SEC has analyzed a slew of bills that would gut various components of 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.

UPDATE (July 10): We submitted letters to the Senate regarding bills aimed at rolling back derivatives regulation. One to the Senate Banking Committee, and another to the Senate Agricultural Committee.
Press Release

Issues

Volcker Rule

Last winter, Occupy the SEC submitted a 325 page letter to the SEC, FDIC, the Federal Reserve and the OCC, to comment on the notice of proposed rulemaking for the Volcker Rule. In our comment letter, we answered 244 out of 395 questions asked by the Agencies. Since then we have continued to opine on the rule's development. To read more about our Volcker-related actions click here.

Even though the letter has been submitted you can still have your voice be heard by signing our petition. When you sign the petition all the regulators get a message automatically sent to them.

JOBS Act

"JOBS" stands for "Jumpstart Our Business Startups" and it is a misnomer. It should have been named something less misleading, like the TOYS Act - Take Off Your SOX Act (Sarbanes-Oxley). Rather than directly promoting employment, the Act removes important investor protections and frees Wall Street and allegedly small companies from compliance with Sarbanes-Oxley. For more about what we think of this Act see our public Comment Letter we submitted to the SEC. More here.

LIBOR Scandal

We submitted a Letter to SEC Chairman Mary Schapiro requesting a criminal investigation for market manipulation.

Read more here.

J.P. Morgan / Chief Investment Office Losses

Commentary and questions for House Banking Services Committee questioning of Jamie Dimon after JP Morgan lost billions on a series of related trades.

We had a lot of to say about this event. In June we submitted a flurry of letters to various officials. To find out more click here.



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