Volcker Rule Should Be Simple to Do

**FROM LETTER TO EDITOR**

Wall Street Journal

Your editorial “So Much for the Volcker Rule” (Oct. 24) mocking regulator confusion and uncertainty relating to the Volcker Rule is shared by the minority community. We have paid such a heavy price over the last few years due to lack of regulatory certainty and enforcement.

On Oct. 21, we became the first Main Street groups to file criticisms with the federal regulatory agencies on the problems that they have created in attempting to interpret and eventually enforce the Volcker Rule, through 298 pages of commentary. We contend that any document a thousand times longer than either the Gettysburg Address or the Ten Commandments is suspect on its face. We concur with your analysis that effective Volcker Rule enforcement will require high bank-capital standards and that the essence of the problem may be too-big-to-fail banks. This includes the top 10 that control more than 60% of all FDIC-insured deposits.

Perhaps it is time to give priority to Mr. Volcker’s original and relatively simple three-page letter to the president on the elimination of risky activities by too-big-to-fail banks.

Len Canty

Chairman

Black Economic Council

Oakland, Calif.

Jorge Corralejo

Chairman

Latino Business Chamber

of Greater Los Angeles

Los Angeles

Faith Bautista

President and CEO

National Asian American Coalition

Washington

Community Groups Opposed Obstacles to Public Comments on Volcker Rule

Community Groups Opposed Obstacles to Public Comments on Volcker Rule:

Filed Protest with Federal Reserve et al. Seeking Personal Volcker Input

Today, three major minority business and consumers groups that work closely with the federal regulators filed a protest regarding the difficulties of consumer and Main Street groups having input on the Volcker Rule. Enclosed are their comments filed today with the Federal Reserve, OCC, FDIC and SEC.

Jorge Corralejo, Chairman of the Latino Business Chamber of Greater LA, the largest Latino business chamber in California, said, “It is inappropriate to trivialize the Volcker Rule, the most significant bank enforcement legislation since the New Deal, by producing a document almost a thousand times longer than either the Gettysburg Address or the Ten Commandments.”

Len Canty, Chairman of the Black Economic Council who has met frequently with congressional leaders and regulators on banking issues said, “The impact of the public comments is the equivalent of the most onerous poll tax developed after the Civil War to prevent Black civic participation.”

Faith Bautista, President and CEO of the national Asian American coalition said, “It is our hope that former Federal Reserve Chairman Paul Volcker will publicly speak out and provide the kind of guidance and wisdom that the feuding federal regulatory agencies have so far been unable to achieve regarding the Volcker Rule. We will today be contacting Paul Volcker to secure his personal input.”

###

 

For Immediate Release:                                                                  CONTACT:                                       

October 21, 2011                                                                                            Mia Martinez

(202) 695 2818

mmartinez@naacoalition.org

ATTACHMENTS:

10-21 Filing Before the Federal Reserve, FDIC, OCC and SEC Re Volcker Rule

Public Utilities Hearing On AT&T/T-Mobile Merger

PRESS RELEASE – Public Utilities Hearing On AT&T/T-Mobile Merger

On Thursday, July 7th, at 6:00 p.m., the California Public Utilities Commission will hold the first hearing in the nation on the implications of the $39 billion AT&T/T-Mobile merger in the CPUC Auditorium on 505 Van Ness Avenue, San Francisco, CA 94102.

The Minority, Business, Church and Consumer Groups urge a focus of the hearing on job creation, small business development, and consumer protections.

MEDIA CONTACT

Faith Bautista | (650) 952-0522 | email: fbautista@naacoalition.org

Len Canty | (866) 856-4570 | email: lencanty@blackeconomiccouncil.org

Jorge Corralejo | (213) 347-0008 | jcorralejo@lbcgla.org

Please see the official press release for more information.

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The NAAC (formerly Mabuhay Alliance) is a HUD-approved nonprofit organization, with a focus on sustainable homeownership, Asian American diversity, consumer and small business development. NAAC advocates in the halls of Congress, in the California legislature and key federal legislators such as the Federal Reserve, FDIC, FTC, FCC and SEC and among today’s Fortune 500 corporations.

The National Asian American Coalition is a 501(c)3 Non-Profit Organization, a HUD-Approved Housing Agency and an IRS Approved VITA site.


 

Who We Are

The National Asian American Coalition is a HUD-approved nonprofit organization with a focus on sustainable homeownership; empowerment for all underserved communities, especially the Asian American community; and consumer and small business development. NAAC advocates in the halls of Congress, in the California legislature and with key federal legislators, such as the Federal Reserve, FDIC, FTC, FCC and SEC. We also work with numerous Fortune 500 corporations and financial institutions.

The National Asian American Coalition is a 501(c)3 Non-Profit Organization, a HUD-Approved Housing Agency and an IRS Approved VITA site.