The 99% Declaration » 14. Banking and Securities Reform

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# 14. Banking and Securities Reform

Grievances Add comments
Dec 082011

Banking and Securities Reform. Immediate reenactment of the Glass-Steagall Act and vigorous enforcement of the Sherman Anti-Trust Act in all industries. Increased regulation of Wall Street firms by the SEC, FINRA, CFTC, the Justice Department and the other financial regulators including the recently established Consumer Financial Protection Bureau. We further demand an immediate investigation by the Justice Department into the potential criminal practices of the Securities and Banking industry that directly led to the collapse of markets, mortgage-backed securities fraud, foreclosure crisis, bank bail-out and firm failures in 2007-2008 largely due to tying executive compensation to high risk, reckless and criminal behavior. Uniform regulations must be enacted to specifically limit what banks may charge consumers for ATM fees and/or the use of debit cards and other so-called miscellaneous fees.

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### 16 Responses to “14. Banking and Securities Reform”

1. karkemish says:
   2011/12/30 at 4:15 am

   Not one person has been charged with criminal acts, where the hell is the justice dept? We have been robbed just as the Maddoff victimes were. Why is anyone considering voting for dems or repb? Are they insane or just stupid? This IS (This is the winter of our discontent).

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2. reddog says:
   2011/12/29 at 9:41 pm

   Not only Glass-Steagall Act, consider all de-regulations instituted by Republicans beginning with Reagan.

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3. zarepheth says:
   2011/12/20 at 8:02 pm

   Besides criminal prosecution for those who knowingly destroyed our economy, break up the monopolistic, big banks so no individual or organization can influence more than 5% of the market.

   Further more, adjust banking rules so that banks and similar organizations must serve their customers or go out of business. And if they are trying to serve multiple, distinctly different (and often with opposing interests) classes of customers, force the companies to split into one business for each class of customer so wealthy investors with one set of goals does not drive the organization into harming their other customers (like the middle-class depositors).

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   - trazom24 says:
     2011/12/24 at 11:08 am

     Another good idea, though I believe if we reformed the monetary system (replaced all debt-based currency with debt-free notes), abolished the FDIC AND reinstated Glass Steagall, most of these problems would take care of themselves (except for maybe the monopoly ones). However, if the banks went back to serving the public needs, monopolies may not be so bad. I will have to think on that one.

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4. zarepheth says:
   2011/12/20 at 7:56 pm

   Immediately pass and sign into law, House Rule 2990 which replaces our privately owned Fractional Reserve banking system with government issued fiat money. It is fiat money in either case, but instead of letting the 1% who own and control the largest banks on Wall Street receive the monopoly benefits of creating our nation’s money supply, it would add debt-free currency into our economy, allowing people to pay off their debts, while still retaining enough money in circulation for a healthy economy.

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   - trazom24 says:
     2011/12/24 at 11:06 am

     Excellent idea. Only thing to watch out for is we have to allow for the existing debt-based money to drain from the system so eventually all money is debt-free. We actually would have to allow for 2 competing currencies for a period of time (Federal Reserve notes and US Treasury notes), until the system stabilizes. The devil will be in the details.

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     - zarepheth says:
       2011/12/24 at 8:01 pm

       The bill was written to gradually phase-out debt-based money while simultaneously replacing it with debt-free money.

       Follow the link for the text of the bill:
       http://www.monetary.org/wp-content/uploads/2011/11/HR-2990.pdf

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5. Jean Netherton says:
   2011/12/18 at 3:17 pm

   keep 16 Banking and Securities Reform
   but remove the “Uniform regulations limiting what banks may charge consumers for ATM fees, the use of debit cards and other miscellaneous “fees.””. Instead include, if not done by 07/04/12, the immediate confirmation of the head of the Consumer Financial Protection Bureau and let it do the job Elizabeth Warren fought for.

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   - Christopher Carney says:
     2011/12/19 at 9:19 am

     Amen. Elizabeth Warren should have had the 1st pick. I believe it was certain “influential” Congressmen who objected to her being appointed to head the new commission.

     Limiting what banks may charge customers for ATM fees and the use of debit cards is kind of a canard, in my mind anyway. I think we all can agree that the people should be allowed to keep as much of their money as possible, but whenever legislation is passed that attempts to stifle these fees, the banks invariably recoup their losses through other creative financing schemes, like raising interest rates, reducing grace period, etc.. It seems in this regard the consumer can never win.

     If the fractional reserve banking system is reformed, and reformed seriously, much of this wealth extraction from the middle class will disappear. It all comes down to whether we want as a society the ability to make money off money at the expense of the 99% engaging in everyday commerce. I believe most people will answer with a resounding “NO”.

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6. Arthur says:
   2011/12/16 at 11:57 am

   Don’t forget to suggest that sec, cftc arbitration be replaced with the right to litigate.

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7. David Gilbert says:
   2011/12/16 at 7:28 am

   Break up the biggest banks. Abolish credit default swaps. Derivatives must be traded on transparent exchanges. Ban “flash” trading. A tax on all Wall St. financial transactions at 1% would raise $400 billion a year and damp down speculation

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   - Christopher Carney says:
     2011/12/19 at 9:22 am

     Yes, David. Abolish credit default swaps, and all the other “weapons of mass destruction”, as coined by Warren Buffet, that make up the nearly $1.5 quadrillion (estimate) over-the-counter derivatives market that is a ticking time bomb waiting to usher in a decade of hyper-deflation as all those leveraged trades unwind. This is the largest threat still ahead in this economic situation we find ourselves.

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8. Helen Garza Roeder says:
   2011/12/10 at 7:50 pm

   What about the thousands of dollars tacked onto the principal of a mortgage when the mortgage company was supposedly modifying it……Wells Fargo modified my load alright!

   That happened to me and so many others. I suddenly had $10,000. more to pay off on my mortgage. Local appraisal district then added that $10,000 onto the value to raise my property tax, when the actual value of my home, based on comparable sales in the area, has dropped significantly. Taxing districts are also taking advantage.

   I’m in my mid 70s, alone an disabled.

   I also have a student loan which is presently in abeyance and I will have to resume payments in March 2012…..how the heck am I going to make payments when I can hardly make ends meet now?

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   - Christopher Carney says:
     2011/12/19 at 9:22 am

     Yes, David. Abolish credit default swaps, and all the other “weapons of mass destruction”, as coined by Warren Buffet, that make up the nearly $1.5 quadrillion (estimate) over-the-counter derivatives market that is a ticking time bomb waiting to usher in a decade of hyper-deflation as all those leveraged trades unwind. This is the largest threat still ahead in this economic situation we find ourselves.

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   - Christopher Carney says:
     2011/12/19 at 9:23 am

     Whoops. Left comment to wrong person. Please disregard.

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   - Christopher Carney says:
     2011/12/19 at 9:30 am

     I am sorry to hear about your troubles. Question, why did they have to modify your loan? Were you in arrears on payments? Was it to reduce the interest rate you were paying?

     You bring up a good point about the local taxing authorities. Your situation is no different than what millions of other Americans are facing today, that even as the values of their homes drop precipitously, they find ironically that their taxes are still going up. There is no solution to this presently other than to wait for the system to self-destruct. That may be defeatist, and millions more are going to lose their homes in the process, but as you say you are barely making ends meet now and it’s not going to get any better.

     I promise there will come a day where we won’t throw people out in the streets who are making an attempt in good faith to pay their debts and do what is right.

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