Please Sign Urgent Occupy the SEC Petition Against Derivatives Deregulation

Text and links from Occupy the SEC follow:

Dear Friends,

This bulletin contains an update on what Occupy the SEC (occupythesec.org) has been up to lately, and what you can do to get involved.

Congress is on the verge of deregulating derivatives TODAY – Sign our petition to stop them.

Congress has historically used the end of the year as an opportunity to pass controversial legislation with little publicity, often using amendments to unrelated bills. This year is no different.

TODAY (December 10, 2014) our legislators are on the verge of approving two key provisions that would significantly roll back crucial parts of the Dodd-Frank Act’s derivatives (swaps) restrictions. Those provisions are Section 630 of the Senate Amendment to H.R. 83 (Omnibus Bill) and Title III of the House’s current version of the Terrorism Risk Insurance Act of 2014 (TRIA).

These provisions are nothing more than an attempt by Wall Street lobbyists and their friends in Congress to eviscerate important derivatives reforms implemented by the Dodd-Frank Act.

We need YOU to contact your legislators as soon as possible and tell them that you OPPOSE these sneaky deregulatory moves. If passed, these provisions would pave the way for further gutting of Dodd-Frank, which in turn would surely jeopardize our nation’s economy, line the pockets of wealthy financiers, and damage the fiscal health of every day Americans.

Please sign our petition now by clicking on the following link, which will allow you to send automatic emails to your Congressional Representative and Senators.

http://www.petition2congress.com/17017/petition-against-11th-hour-dilution-dodd-frank/

You can also retweet our twitter posting on the petition.

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18 comments

  1. RBHoughton

    America legislates for the world – what happens today in Washington happens everywhere else tomorrow.

    That being the case, I want to sign this petition but I no longer have a US zip code. Unfair.

  2. Expat

    Meh. Call me when you want me to sign a petition to drop a neutron bomb on Wall Street and arrest everyone in DC on charges of treason.

    1. Yves Smith Post author

      The fact that you can’t be bothered to spend all of ninety seconds on political action is a big part of why the US has gone down the tubes. It took as much time to write your comment as it would have to fill out that remarkably easy petition. You’d rather be part of the problem than part of the solution.

      A passive and disinterested citizenry makes life oh so much easier for our aspiring lords and masters.

      1. Julia

        Yves, I agree with you in that theoretical sense that we’re supposed to be able to affect our government. But I have some sympathy for the poster, who has recognized what I have: these petitions accomplish nothing, our “representatives” aren’t listening, and the crooks have taken over the Capitol. I’ve signed more than 1000 petitions — about everything from the banks to torture to Edward Snowden to GMOs to — well, my record is currently 0-1000. Please do note, however, that I read you first every day, and appreciate everything you do.

      2. NY Geezer

        EXPAT is right. Signing the petition is futile. As I signed the petition I thought that these politicians would have to be living on another planet to think any of their non-banker constituents approve. So what am I really doing here?

      3. Doug Terpstra

        I agree. The petition is well-oiled, easy to support, and if nothing else, an important record of one’s active opposition to the criminal enterprise known as the USG. That said, I would also support Expat’s petition — with greater enthusiasm.

        The fact that this last-minute amendment even appears in the bill going to vote makes it all but certain the usual Wall Street fix is in. This is a naked grab to privatize the looting while once again socializing the predictably inevitable costs.

        It is also a likely sign of impending implosion in markets precipitated by oil-price collapse, since overleveraged (never reformed) derivatives were the underlying cause of the last crash. Another desperate secretive attempt to save the crony capitalist casino is a flashing danger signal. If by some miracle it fails, it will almost certainly rear its head again under terrorist threats of martial law.

      4. Vatch

        I went to the web site and sent the message to the people who supposedly represent me, but who really represent the oligarchs. It didn’t hurt a bit, and I have the satisfaction of knowing that I did my part. Unfortunately, too many people will come up with rationalizations for doing nothing, and the Congress probably will not get enough pressure to do the right thing. I have zero sympathy for people who complain about the government, yet do nothing to change it.

      5. Expat

        My comment was perhaps sarcastic but I would probably push the buttons gleefully if my proposals were accepted. As far as being passive and disinterested, you are right. I am an expat and glad to be outside of America. The American economic and political systems are broken. Petitions are, like the Constitution, just pieces of paper. I spent my last dregs of caring on being very active in protesting the bailouts back in 2008-2009.
        Now, I frankly hope the 1%, of which I am possibly a part, and our ruling political elite all catch Ebola and die. It’s the best hope for both America and the planet. But my signing a petition won’t help to bring that about.

  3. charger01

    Now kids- its up to you to now physically lift your fingers off your keyboard and call your congresscritter.
    Saturate them with your opinion right now! The omnibus bill is a big deal- we need any momentum to shift away from Section 630. You something rather than complain and do nothing.

  4. steelhead23

    I not only object to the specific rider, I object to the process of burying important legislation in “must pass” spending bills. Such riders are how we got pork barrel projects like the infamous bridge to nowhere. To be frank, I would be less offended by such pork taking a ride on an appropriations bill than having substantial changes in financial regulation made this way. I seem to recall that after the bridge to nowhere scandal that congressional leaders said such obfuscation would stop. This suggests they were lying. Wouldn’t be the first time.

  5. susan the other

    Thanks again for a petition. It makes it convenient to participate. The biggest problem we face in this democracy is the inconvenience of communicating with our elected representatives. If this sort of action were a daily occurrence we would have something closer to direct democracy.

  6. spooz

    I contacted my representative, Dick Durbin, two days ago about this. I told him that the progressives that the Democratic base counts on are turning away from the party because of this kind of stuff, and that as a disenfranchised voter I would either not show up or vote third party for the foreseeable future. I had pretty much given up on complaining to him, since it seemed hopeless, but I was happily surprised to see that he may be listening to his constituents on this.

    http://thehill.com/policy/finance/226750-no-2-senate-dem-weve-got-a-problem-if-dodd-frank-rider-stays

    1. Clive

      Thanks for the link (not least because it is interesting) but also for giving me a pointer to the source (thehill) which, not being a U.S. resident I don’t normally read. It was an eye opener. Is U.S. politics really that bad ??! I thought our lot were the political equivalent of the Adams Family. There were such jewels amongst the articles there… my current favourite: “GOP game plan: Make Dems the party of no”… I mean, really, is that site straight up, for real ? Or is it some sort of TheOnion like parody ?

  7. Doug Terpstra

    Surprise! Surprise! (NOT!) Wall Street wins again; HR 83 passes, and taxpayers are on the hook for casino derivative losses. Hoocoudanode?

    Now what was it again that Thomas Paine said about a time for petitioning and a time for cutting throats?

    Every quiet method for peace hath been ineffectual. Our prayers have been rejected with disdain; and only served to convince us that nothing flatters vanity, or confirms obstinancy in Kings more than repeated petitioning … Wherefore since nothing but blows will do, let us come to a final separation, and not leave the next generation to be cutting throats…

    1. jrs

      “And while you’re studying that reality judiciously, as you will, we’ll act again, creating other new realities which you can study too. And that’s how things will sort out. We’re history’s actors and you, ALL of you, will be just left to study what we do.”

      While we’re studying the torture report, while we’re studying that ….. they’re setting up taxpayer bail outs for derivatives, they’re trying for a AUMF against ISIS – oh yes right now, and they’re passing anti privacy laws (the washington’s blog link here). While we’re studying that reality judiciously …

      And we get to hear all kinds of nonsense like how the torture report is partisan politics. And if anyone with two brain cells connected electrochemically hasn’t given up on the partisan game – oh yea torture party is so bad therefore kill list party makes sense. Nah, but it very well could be *distraction*. And I don’t minimize the torture report, the Hague is too good for the CIA, torture them! But while we’re studying, judiciously if we will, things get worse and worse and worse …..

  8. Clive

    Postscript: Alas it was all in vain as yet another gimme to Wall St. got through. But at least you can say you tried (those who did try).

Comments are closed.