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.”

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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

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