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