In the months since Occupy Wall Street pitched its first tents last September, one criticism of the movement has been that it does not offer much in the way of solutions. Enter Occupy the SEC, an Occupy offshoot made up of activists and veterans of the financial sector. Instead of taking the public stand of OWS, they re using a different tactic: They ve written a detailed 325-page analysis of the Volcker rule. And, in my view, they ve got it exactly right.
Occupy the SEC held the march to celebrate the release of its 325-page comment letter to the SEC calling for it to strengthen - and then, more important, enforce - the Volcker Rule, which will go into effect on July 21, 2012. According to Aaron Bornstein, who helped organize the march, Occupy the SEC's comment is about twice the size of the next longest letter, drafted by the Securities Industry and Financial Markets Association, a financial interest lobbying group.